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News Breaks
May 16, 2014
10:55 EDTM, JCP, JWNNordstrom 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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November 27, 2015
10:51 EDTMOptions with increasing volume; OLED BURL CLVS M ACAS WBA NTES
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08:26 EDTMAdobe says U.S. e-commerce sales surged on Thanksgiving, Bloomberg reports
Adobe Systems estimated that online shoppers in the U.S. spent $1.1B by 5 pm ET on Thanksgiving and projected that $1.7B would be spent in online shopping by day's end, a 22% jump from last year, reported Bloomberg. Major e-commerce players that may benefit from the surge in spending include (AMZN) and eBay (EBAY), while companies with omnichannel presences including e-commerce and brick-and-mortar locations include Wal-Mart (WMT), Target (TGT), Best Buy (BBY) and Macy's (M). Reference Link
November 24, 2015
06:20 EDTJCP, JWNRetailers hunt for new breaches after warning on malware, Reuters says
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November 22, 2015
13:42 EDTMMacy's shares look too cheap to ignore, Barron's says
Shares of Macy's look inexpensive, and long-term investors could realize double-digit annual returns as the company "gets back on track" over the next 12-18 months, Barron's contends in a 'Trader Extra' column. Reference Link
November 20, 2015
19:01 EDTMMacy's management to meet with JPMorgan
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November 19, 2015
10:25 EDTJWNOptions with decreasing implied volatility
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05:22 EDTJWNStocks with implied volatility below IV index mean; JWN FOSL
Stocks with implied volatility below IV index mean; Nordstrom (JWN) 29, Fossil (FOSL) 48 according to iVolatility.
November 18, 2015
10:10 EDTJWNOptions with decreasing implied volatility
Options with decreasing implied volatility: INSY PRGO SYF KSS LOCO ATML JWN JD MEG MWE
09:08 EDTJWN, MTJX benefitting from off-price retail market growth, WSJ says
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November 17, 2015
10:13 EDTJCPJ.C. Penney management to meet with Buckingham
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10:11 EDTMOptions with decreasing implied volatility
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07:45 EDTJWNNordstrom price target lowered to $63 from $82 at UBS
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November 16, 2015
16:43 EDTMGreenlight Capital added Apple, sold some SunEdison
Greenlight Capital gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: CNX Coal Resources (CNXC), Garmin (GRMN), Terraform Global (GLBL), and Liberty Global (LILA). INCREASED STAKES: Apple (AAPL), Michael Kors (KORS), Dillard's (DDS), UIL Holdings (UIL), and Twenty-First Century Fox (FOXA). DECREASED STAKES: SunEdison (SUNE), Micron (MU), Voya (VOYA), Applied Materials (AMAT), and SunEdison Semiconductor (SEMI). LIQUIDATED STAKES: Citizens Financial (CFG), Lam Research (LRCX), Spirit AeroSystems (SPR), Hertz (HTZ), and Macy's (M).
16:29 EDTJCPJ.C. Penney announces plans to retire $500M asset-based term loan
J. C. Penney Company announced that it has received $500M of incremental bank commitments to increase the size of the Revolving Line of Credit under its existing Senior Secured Asset-Based Credit Facility to $2.35B from $1.85B. In connection with upsizing the revolving credit facility, the Company also intends to prepay and retire the outstanding principal amount of its $500M Term Loan previously issued under the ABL, which is scheduled to mature in June 2019. The Company expects to close these transactions in December.The Company expects that retirement of the ABL Term Loan will reduce interest expense by approximately $20M annually, beginning in 2016. The $2.35B ABL revolving line of credit, which will also mature in June 2019, will remain available for seasonal working capital needs and general corporate purposes. Marvin Ellison, chief executive officer, said, "We proactively pursued this transaction to reduce our long-term debt and ongoing interest expense and to further enhance our financial flexibility while maintaining our strong liquidity position as we continue to make progress on our goal of $1.2B in EBITDA by 2017."
11:35 EDTM, JWN, JCPDillard's sinks to 52-week low after joining chorus of 'disappointed' retailers
Shares of Dillard's (DDS), a retailer of fashion apparel, cosmetics and home furnishing, are falling to their worst level in a year after the company became the latest in its industry to report lower than expected third quarter results. WHAT'S NEW: This morning, Dillard's reported Q3 earnings per share of $1.19 and revenue of $1.435B, narrowly missing analysts' consensus estimates of $1.20 and $1.49B, respectively. Same-store sales for the quarter fell 4%. Total merchandise sales decreased 3% for the 13-week period ended October 31. Weaker performing categories were men's apparel and accessories and ladies' accessories and lingerie with notable weakness in home and furniture the company explained. Dillard's Chief Executive Officer, William T. Dillard, II, stated, "We are disappointed with our third quarter sales performance and in the resulting decline in profit. Share buyback remained a high priority, and we repurchased $175 million of stock under our share repurchase program." WHAT'S NOTABLE: Gross margin from retail operations improved 11 basis points of sales for the 13 weeks ended October 31 compared to the prior year third quarter. Consolidated gross margin for the 13 weeks ended October 31 declined 30 basis points of sales compared to the prior year third quarter. The disparity between retail and consolidated gross margin performance is attributable to increased revenue at CDI, which is a substantially lower margin business. Inventory increased 6% at October 31 compared to November 1, 2014. For FY15, the company expects capital expenditures of $150M. PRICE ACTION: In late morning trading, Dillard's fell $5.81, or 7.5%, to $71.79 on more than three times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $68.05. Including today's pull back, the shares have lost about 36% over the past 12 months. OTHERS TO WATCH: Other apparel, cosmetics and home furnishing retailers include Macy's (M), Kohl's (KSS), JC Penny (JCP), Sears (SHLD) and Nordstrom (JWN).
10:25 EDTM, JWNOptions with decreasing implied volatility
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