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Stock Market & Financial Investment News

News Breaks
February 27, 2013
16:47 EDTJWNNordstrom announces $800M share repurchase and 11% dividend raise
Nordstrom announced that its board of directors has authorized a repurchase program of up to $800M of the company’s outstanding common stock, through March 1, 2015. The shares are expected to be acquired through open market transactions. This program is in addition to the Company’s existing repurchase program that was approved by the board in February 2012. The existing repurchase program has $344 million outstanding, as of February 26, 2013, and will expire on February 1, 2014. Nordstrom also announced today that its board of directors has approved a quarterly dividend of 30 cents per share, an increase of 11% over the previous quarter’s dividend. The dividend is payable on March 22, 2013 to shareholders of record at the close of business on March 11, 2013.
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16:08 EDTJWNNordstrom up 1.4% after reporting Q1 results, guidance
16:07 EDTJWNNordstrom sees FY15 EPS $3.65-$3.80, consensus $3.79
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16:06 EDTJWNNordstrom reports Q1 EPS 66c, consensus 71c
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15:01 EDTJWNNotable companies reporting after market close
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14:44 EDTJWNNordstrom technical comments before earnings
The key technical feature on the chart ahead of results is a rounding top formation, which has bearish implications for future price. If the news is as bearish or more bearish than current expectations, then the downside support levels to watch would be at $73.29, $70.35, and $67.30. There is a line of support at $70 which was previously a consolidation phase from May to October of last year. If the news is bullish, the first significant resistance level would be at the 50-day moving average at $78.77. If there is a breakout above this average, next resistance would be at $80.80. A move to the $80 area would change the short-term trend to bullish, but longer-term the trend would be neutral.

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