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March 11, 2014
10:03 EDTJCPJ.C. Penney advances after Citi ups to Buy, Opco still cautious
Shares of troubled retailer J.C. Penney (JCP) are climbing after Citigroup upgraded the stock in a note to investors earlier today. However, research firm Oppenheimer expressed caution about the company's outlook in a separate note to investors earlier today. BULLISH TAKE: J.C. Penney's comparative store sales can continue to rise by around 5%, in-line with its guidance, as the company eliminates inappropriate merchandise, focuses on private label products, and fixes its home stores and kids offerings, wrote Citigroup analyst Oliver Chen. If the retailer is able to meet its first quarter and fiscal 2014 guidance, investors will become more confident in the name, Chen forecast. Moreover, fears about J.C. Penney's liquidity - which Chen views as overdone - are holding back the stock, he contended. At the end of this year, J.C. Penney should have about $2B in liquidity, he predicted. Chen upgraded the shares to Buy from Neutral, and hiked his price target on the shares to $11 from $7.50. BEARISH TAKE: Much more pessimistic on the company's outlook was Oppenheimer analyst Brian Nagel. Profitability is "still a ways off for" J.C. Penney, and the company is unlikely to significantly recover anytime soon, the analyst contended. Mid-tier retailers are having a difficult time, while the company is facing more difficult comparisons going forward, according to Nagel, who expects the company to report an FY14 loss per share of $3.00, versus the consensus outlook of a $2.89 per share loss. He kept a Perform rating on the shares. PRICE ACTION: In early trading, J.C. Penney jumped 60c, or 7.1%, to $9.03.
News For JCP From The Last 14 Days
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August 31, 2015
10:48 EDTJCPJ.C. Penney rises after analyst upgrades stock, calls company 'self-help story'
Shares of retailer J.C. Penney (JCP) saw a boost in morning trading after an analyst from Deutsche Bank upgraded his rating on the company's shares, remarking on the company as a "self-help story." WHAT'S NEW: Deutsche Bank analyst Paul Trussell this morning upgraded J.C. Penney to Buy from Hold. Trussell also upgraded his price target to $12 from $10, noting that the company has already improved its merchandise mix and is now moving toward better pricing and fewer markdowns. Trussell said that the company's target of mid-single digit same-store sales growth looks "achievable" and its brands and assortment "look right." The analyst added that Marvin Ellison, the company's chief executive officer, is "driving the next step" to "bring JCP up the curve in pricing and markdown optimization, supply chain, leveraging IT and reducing corporate redundancies." Trussell, who also said he views the company as a "self-help story with multiple levers to pull," maintained "slightly" conservative estimates given the challenging competitive environment, but sees meaningful upside to the stock. WHAT'S NOTABLE: Other analysts have been relatively bullish on J.C. Penney shares in recent weeks after the company reported better than expected results for the second quarter on August 14. At that time, J.C. Penney reported a loss per share of 45c on revenue of $2.88B and said it expects to be free cash flow breakeven in fiscal year 2015. Additionally, the retailer backed its FY15 SSS view of up 4%-5% and said on its earnings conference call that it expects third quarter SSS to grow sequentially from Q2. J.C. Penney also expressed "confidence" in its ability to meet its $1.2B EBITDA target by 2017. On August 17, Piper Jaffray analyst Neely Tamminga raised her price on the company's shares to $17 from $15. Tamminga said that the company showed the ability for the second straight quarter to reach EBITDA targets regardless of top-line performance. The Piper analyst said she continues to rate the company a top pick for 2015. The same day, B. Riley analyst Jeff Van Sinderen initiated coverage of J.C. Penney with a Buy rating and a $12.50 price target, saying he views Penney as a "speculative turnaround" story and believes the company's "substantial" real estate assets partially offset its heavy debt load. The Fly notes that CEO Marvin Ellison will be speaking at Goldman Sachs 22nd Annual Global Retailing Conference on September 9. PRICE ACTION: J.C. Penney shares are up 3.24% to $9.23 in morning trading.
10:01 EDTJCPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: 58.com (WUBA) upgraded to Overweight from Underweight at Morgan Stanley... AU Optronics (AUO) upgraded to Outperform from Underperform at Bernstein... Asbury Automotive (ABG) upgraded to Neutral from Underperform at Buckingham... Astec (ASTE) upgraded on upcoming catalysts at Stifel... Baidu (BIDU) upgraded to Buy from Hold at Jefferies... Bob Evans (BOBE) upgraded to Sector Weight from Underweight at KeyBanc... CNOOC (CEO) upgraded to Buy from Neutral at BofA/Merrill... Dover (DOV) upgraded on valuation, headwinds bottom at Bernstein... Envestnet (ENV) upgraded to Outperform from Market Perform at Avondale... Generac (GNRC) upgraded to Outperform from Market Perform at William Blair... Gold Fields (GFI) upgraded to Sector Perform from Underperform at Scotia Howard Weil... Goldman Sachs (GS) upgraded to Buy from Hold at Evercore ISI... Intel (INTC) upgraded to Outperform from Market Perform at Northland... J.C. Penney (JCP) upgraded to Buy from Hold at Deutsche Bank... Leggett & Platt (LEG) upgraded to Outperform from Market Perform at Raymond James... Morgan Stanley (MS) upgraded to Buy from Hold at Evercore ISI... Newmont Mining (NEM) upgraded to Outperform from Sector Perform at Scotia Howard Weil... Pan American Silver (PAAS) upgraded to Outperform at Scotia Howard Weil... QLogic (QLGC) upgraded to Buy from Hold at Summit Research... Stanley Black & Decker (SWK) upgraded to Outperform from Neutral at Macquarie... Telefonica Brasil (VIV) upgraded to Overweight from Equal Weight at Morgan Stanley... Tenet (THC) upgraded to Outperform from Market Perform at BMO Capital... Twitter (TWTR) upgraded to Buy from Neutral at SunTrust... UIL Holdings (UIL) upgraded to Hold from Sell at Argus... Vocera (VCRA) upgraded to Outperform from Market Perform at Leerink... Wisconsin Energy (WEC) upgraded to Conviction Buy from Buy at Goldman.
09:48 EDTJCPJ.C. Penney tests recent range highs
The shares are bucking the broader market trend and heading higher, last up over 1.8% to $9.10. The next level of major resistance would be at $9.42, a high that has not been met since April. Support is at $9.03. A breakout above $9.42 would break the stock out of a long base, which would be technically bullish for future price.
09:24 EDTJCPOn The Fly: Pre-market Movers
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06:54 EDTJCPJ.C. Penney upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Paul Trussell upgraded J.C. Penney to Buy and raised his price target for shares to $12 from $10. The retailer closed Friday up 47c to $8.94. Penny's target of mid-single-digit same-store-sales growth looks achievable while the company's brands and assortment look right, Trussell tells investors in a research note. Further, new CEO Marvin Ellison is bringing Penny "up the curve" in pricing and markdown optimization while reducing corporate redundancies, the analyst writes. He views the company as a "self-help story with multiple levers to pull."
August 28, 2015
06:03 EDTJCPJ.C. Penney implied volatility of 48 at lower end of index mean range
August 20, 2015
19:53 EDTJCPRetailers, others question heightened fees at Port of Oakland, WSJ says
After the Port of Oakland said it is considering implementing additional fees, the Retail Industry Leaders Association told the Federal Maritime Commission that it is "troubled" due to the lack of details regarding the fees, according to the Wall Street Journal. The retailer group also questioned the general effectiveness of such a program, and the Agriculture Transportation Coalition echoed the criticism, said the report. Note that executives from Lowe's (LOW), Best Buy (BBY), Target (TGT), Coca-Cola (KO), J.C. Penney (JCP), Tyson Foods (TSN), SunOpta (STKL), and Whole Foods (WFM) serve on the boards of the aforementioned associations. Reference Link
10:28 EDTJCPOptions with decreasing implied volatility
Options with decreasing implied volatility: KING JCP URBN DKS JWN HIG ADI DAR LOW TJX
August 19, 2015
13:23 EDTJCPOptions with increasing call volume
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10:14 EDTJCPOptions with decreasing implied volatility
Options with decreasing implied volatility: KING SUNE YY JCP URBN NTES DKS DANG SINA KSS
August 18, 2015
10:13 EDTJCPOptions with decreasing implied volatility
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August 17, 2015
12:23 EDTJCPStocks with call strike movement; Netflix J.C. Penney
Netflix (NFLX) January 150 call option implied volatility increased 2% to 48, J.C. Penney (JCP) January 10 call option implied volatility increased 1% to 40 according to IVolatility.
10:24 EDTJCPAnalyst notes give J.C. Penney shares a boost
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10:21 EDTJCPOptions with decreasing implied volatility
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10:09 EDTJCPOn The Fly: Analyst Initiation Summary
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09:26 EDTJCPOn The Fly: Pre-market Movers
HIGHER: AVEO (AVEO), up 119.7% after announcing licensing agreement with Novartis (NVS)... OHR Pharmaceutical (OHRP), up 24.9% after Soros reports new stake in company in 13F filing... Kite Pharma (KITE), up 4.6% after saying patient death unrelated to KTE-C19... Tesla (TSLA), up 5.5% after price target raised to $465 from $280 at Morgan Stanley... Mobileye (MBLY), up 2.7% after price target raised to $80 from $71 at Morgan Stanley... J.C. Penney (JCP), up 1.5% after being initiated with a Buy at B. Riley and Piper Jaffray raised its price target to $17 from $15. DOWN AFTER EARNINGS: Estee Lauder (EL), down 2.1% after reporting quarterly results and giving guidance for first quarter and fiscal 2016. ALSO LOWER: KKR (KKR), down 3.3% after Samson enters restructuring deal and expects to file for bankruptcy within 30 days... Aquinox (AQXP), down 4.7% after Lloyd Mackenzie, vice president - Technical Operations and Planning, disclosed late Friday the sale of 35,887 shares worth over $670,000 in a sale related to the exercise of options.
07:17 EDTJCPJ.C. Penney initiated with a Buy at B. Riley
B. Riley initiated J.C. Penney with a Buy rating and $12.50 price target. The firm sees positive business trends, despite industry headwinds, and numerous opportunities for margin recovery.
06:51 EDTJCPJ.C. Penney price target raised to $17 from $15 at Piper Jaffray
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05:44 EDTJCPJ.C. Penney initiated with a Buy at B. Riley
B. Riley analyst Jeff Van Sinderen started shares of J.C. Penney with a Buy rating and $12.50 price target. The retailer closed Friday at $8.52. Sinderen views Penny as a "speculative turnaround" story and believes the company's "substantial" real estate assets partially offset its heavy debt load.

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