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Stock Market & Financial Investment News

News Breaks
May 16, 2014
10:55 EDTJWN, JCP, MNordstrom beats on top-line in Q1, seeks partner for credit card receivables
Shares of specialty retailer Nordstrom (JWN) are up almost 11% this morning after the company reported first quarter earnings per share that exceeded expectations and said it will seek a partner for credit card receivables. WHAT'S NEW: Last night, Nordstrom reported Q1 earnings per share of 72c and revenue of $2.84B, which compare to analystsí consensus estimates of 68c and $2.86B, respectively. For the quarter, same store sales declined 1.9% and direct net sales increased 33% on top of last year's Q1 increase of 25%. The company backed its fiscal year 2014 guidance for EPS of $3.75-$3.90, revenue growth of 5.5%-7.5% and SSS growth of 2%-4%. The consensus forecast of analysts for FY14 EPS prior to the report was $3.85. WHAT'S NOTABLE: Nordstrom also announced that it will seek a financial partner for its Nordstrom credit card receivables, which totals approximately $2B. The retailer aims to maintain its customer focus "while gaining greater financial flexibility" through such a transaction, the company said. A partnership would have a minimal impact on existing operations and jobs, Nordstrom said. The company has hired Goldman Sachs and Guggeinheim as financial advisors in this process. ANALYST REACTION: This morning, shares were upgraded to Outperform from Neutral at Credit Suisse, and the firm believes the credit card receivables transaction will help earnings accelerate in 2016. Buckingham raised its price target on the stock to $70 from $62, and thinks a credit card receivables deal could be 50c-60c accretive to EPS. RBC also raised its price target on Nordstrom, to $75 from $67, and believes trends SSS will continue to improve. PRICE ACTION: Nordstrom is trading up $6.69, or 10.88%, to $68.18 in mid-morning trading. OTHER RETAILERS TO WATCH: J.C. Penney (JCP) is up just over 16% to $9.71 after reporting better than expected Q1 revenue with SSS rising 6.2%. Macy's (M) is trading up almost 1% to $57.48.
News For JWN;JCP;M From The Last 14 Days
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October 8, 2014
11:41 EDTJCPJ.C. Penney says store base count 'roughly' where it needs to be
Says evaluating stores to see if EBITDA accretive. Says "disciplined" regarding promotions. Says won't risk margin over promotions. Says Apple (AAPL), Samsung (SSNLF), Amazon (AMZN) taking "chunk" out of consumer spending. Sees returning to 37%-39% gross margins over time.
11:13 EDTMMacy's October volatility increases as shares pull back
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11:10 EDTJCPOptions with increasing implied volatility
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11:10 EDTJCPJ.C. Penney says succession planning remains 'top priority'
Sees SG&A dollars "roughly flat" over next three years. Sees CapEx averaging $250M-$300M per year.
11:06 EDTJCPJ.C. Penney says expects to be free cash flow positive in FY14
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11:05 EDTJCPJ.C. Penney falls 6%, halted for circuit-breaker after providing guidance
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11:03 EDTJCPJ.C. Penney now sees Q3 SSS up low single digits vs. previous guidance
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11:01 EDTJCPJ.C. Penney says has seen slow down in sales in September
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11:00 EDTJCPJ.C. Penney reaffirms all FY guidance metrics
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10:59 EDTJCPJ.C. Penney sees $14.5B in total sales by 2017
CFO Ed Record says focused on restoring profitability. Says since 4Q13, has had three straight quarters of sales growth. Sees opportunities to improve SG&A and gross margin. Sees $3.5B sales growth opportunity over next three years: Sees continued share growth a $1M opportunity over three years, center core a $1M opportunity, home store a $750M opportunity, omnichannel a $800M opportunity. Sees $1.2B EBITDA growth opportunity over next three years. Sees sales growth in mid single digits through 2017. Free cash flow over next three years "at least" $600M. Comments made at J.C. Penney's Analyst Day.
10:33 EDTJCPJ.C. Penney says seeing "significant" shift to mobile
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10:25 EDTJCPJ.C. Penney says home is $750M growth opportunity
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09:23 EDTMCitigroup to hold a tour
Athletic Footwear Mall Tour travels to Roosevelt Field Mall, Garden City, New York on October 8.
09:20 EDTJCPJ.C. Penney says will expand Disney stops in stores to 680 from 500
09:20 EDTJCPJ.C. Penney CEOsays will open more Sephora shops in store
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09:20 EDTJCPOn The Fly: Pre-market Movers
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08:18 EDTJCPJ.C. Penney CEO Ullman says customers remain cautious
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October 7, 2014
13:04 EDTJCPJ.C. Penney to host analyst day
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10:13 EDTJCPJ.C. Penney volatility increases into company hosted analyst day
J.C. Penney October weekly call option implied volatility is at 118, October is at 72, November is at 57, January is at 55, February is at 53; compared to its 26-week average of 54 according to Track Data suggesting large near term price movement into a company hosted analyst day event on October 8.
09:39 EDTMMacy's Q3 revenues tracking to $6.25B vs. consensus $6.392B, says ITG Research
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