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Stock Market & Financial Investment News

News Breaks
May 16, 2014
10:55 EDTJCP, JWN, 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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December 19, 2014
09:37 EDTJCPActive equity options trading
Active equity options trading according to Track Data: AAPL TSLA BBRY AMZN CELG GILD JCP AMAT FB
09:20 EDTMMacy's sales soft through mid-December, says Cleveland Research
Cleveland Research said Macy's sales are tracking in the range of +1% to +2% through mid-December, vs. consensus of +2.2%. The firm said soft customer traffic trends remain the primary headwind for the quarter. Shares are Buy rated.
December 16, 2014
10:41 EDTMMacy's initiated with an Outperform at Cowen
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December 15, 2014
09:38 EDTJCPActive equity options trading
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December 9, 2014
10:23 EDTMOn The Fly: Analyst Downgrade Summary
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08:14 EDTMMacy's downgraded at Atlantic Equities
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08:06 EDTMMacy's downgraded to Neutral from Overweight at Atlantic Equities
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