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Stock Market & Financial Investment News

News Breaks
May 16, 2014
10:55 EDTJWN, M, JCPNordstrom 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 analysts’ 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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January 23, 2015
09:02 EDTMMacy's Sacramento fulfillment center to relocate to larger facility
Macy’s announced it plans to relocate its West Sacramento, CA, direct-to-consumer fulfillment center to a larger facility in a nearby location in Sacramento County to support continued sales growth driven by Macy’s omnichannel strategy. Contingent on approvals by the Sacramento County Board of Supervisors, Macy’s will begin operations in summer 2015 at a 385,000-square-foot facility at 6200 Franklin St., creating approximately 100 new jobs. The current 92,000-square-foot fulfillment center is located about 10 miles away at 3919 Channel Drive in West Sacramento. The current workforce of 72 associates is planned to grow to more than 175 after the move. Macy’s multi-million-dollar upgrade to the new fulfillment center will include building modifications and the latest technology in material handling equipment and warehouse management systems.
January 21, 2015
12:12 EDTM, JCPBest Buy, home retailers seen getting biggest bump from Sears demise
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06:59 EDTMMacy's sues Strategic Marks in brand dispute, NY Post says
Macy's is suing Strategic Marks after the company attempted to acquire certain Macy's brand names, including Abraham & Straus, Marshall Field’s, and Filene’s, reports the New York Post. Strategic Marks laid claim to the "dormant" brands, saying Macy's acquired then abandoned them in order to eliminate regional competition, and trial is set for March 2. The Post notes that Strategic is readying "its own launch of new merchandise and pop-up stores." Reference Link
06:52 EDTMMacy's sues Strategic Marks in brand dispute, NY Post says
Macy's is suing Strategic Marks after the company attempted to acquire certain Macy's brand names, including Abraham & Straus, Marshall Field's, and Filene's, reports the New York Post. Strategic Marks laid claim to the "dormant" brands, saying Macy's acquired then abandoned them in order to eliminate regional competition, and trial is set for March 2. The Post notes that Strategic is readying "its own launch of new merchandise and pop-up stores." Reference Link
January 20, 2015
09:44 EDTMSupreme Court denies appeal of 'swipe fee' ruling, Reuters reports
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06:22 EDTJCPJ.C. Penney to bring back 120-page catalog, WSJ reports
J.C. Penney has decided to resurrect its catalog in the form of a 120-page book that will mark the first catalog the chain has sent out since 2010, The Wall Street Journal reports. The retailer, which quit the catalog amid a broader pullback caused by the recession and the rise of e-commerce, now believes the catalog can help drive web sales. Reference Link
January 13, 2015
10:17 EDTJCPOptions with decreasing implied volatility
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09:00 EDTMMacy's names RLJ Lodging Trust CFO Leslie Hale to board of directors
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January 12, 2015
10:15 EDTJCPOptions with decreasing implied volatility
Options with decreasing implied volatility: NBIX APOL NPSP BBBY INFY JCP MU TIF
07:35 EDTJCPNational Retail Federation to hold a trade show
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06:35 EDTM, JWN, JCPObama to press for law requiring disclosure of hacking, NY Times says
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