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Stock Market & Financial Investment News

News For JWN From The Last 14 Days
Check below for free stories on JWN the last two weeks.
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August 22, 2014
13:21 EDTJWNNordstrom completes Trunk Club acquisition
Nordstrom announced the closing on August 22 of its acquisition of Trunk Club. The company previously announced its proposed acquisition of Trunk Club by press release on July 31. The company believes this acquisition represents a natural extension of its core business, aligns with its strategic priorities around a relevant customer experience and accelerates entry into this market.
August 17, 2014
18:10 EDTJWNInvestors should buy Nordstrom over Macy's, Barron's says
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August 15, 2014
12:39 EDTJWNOn The Fly: Midday Wrap
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10:30 EDTJWNJ.C. Penney falls despite posting a narrower than expected Q2 loss
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10:18 EDTJWNNordstrom management to meet with Piper Jaffray
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09:10 EDTJWNOn The Fly: Pre-market Movers
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August 14, 2014
19:08 EDTJWNOn The Fly: After Hours Movers
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16:26 EDTJWNNordstrom sees Trunk Club acquisition dilutive to FY14 EPS by 3%-5%
On July 31, Nordstrom announced that it entered into an agreement to acquire Trunk Club, a personalized clothing service for men. Trunk Club is a high-growth company and expects to achieve operational profitability and more than double its annual sales to over $100M. The company believes this acquisition represents a natural extension of its core business, aligns with its strategic priorities around a relevant customer experience and accelerates entry into this fast-growing market. The company will acquire Trunk Club for $350M in Nordstrom stock, a portion of which is retention-based and subject to future vesting. In addition, the transaction includes a long-term management incentive plan of up to $100M subject to Trunk Club's performance. The transaction is expected to be dilutive to earnings per diluted share for the next several years primarily due to share issuance, performance incentives and amortization of intangibles. The company estimates the acquisition, including Trunk Club’s projected operating performance, will reduce earnings per diluted share in FY14 by 3%-5%. Trunk Club will operate as an independent, wholly-owned subsidiary and will be managed by its current leadership. The transaction is expected to close in the third quarter, subject to closing conditions including customary regulatory and shareholder approvals.
16:09 EDTJWNNordstrom to open three full-line stores later this year
Nordstrom plans to open three full-line stores (The Woodlands, Texas; Calgary, Canada and Jacksonville, Florida) later this year. To date in fiscal 2014, the company opened 11 Nordstrom Rack stores and plans to open 16 additional stores during the remainder of the year. In the second quarter, the company opened a Nordstrom Rack store in Manhasset, New York.
16:08 EDTJWNNordstrom narrows FY14 EPS view to $3.80-$3.90 from $3.75-$3.90
FY14 consensus $3.90. Narrows FY14 net sales growth view to 6.5%-7.5% from 5.5%-7.5%, consensus $13.42B. Narrows FY14 comparable store sales growth view to 3%-4% from 2%-4%.
16:05 EDTJWNNordstrom reports Q2 EPS 95c, consensus 95c
Reports Q2 revenue $3.3B, consensus $3.39B. Total company comparable sales for the second quarter increased 3.3%.
15:03 EDTJWNNotable companies reporting after market close
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13:24 EDTJWNNordstrom August 67 straddle priced for 4.6% move into Q2
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12:05 EDTJWNNordstrom technical commentary ahead of results
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August 13, 2014
11:46 EDTJWNMacy's shares trading lower as Q2 results fall short of expectations
Shares of Macy's (M), a retailer that sells a range of merchandise, including apparel, accessories and home furnishings, are lower after the company's second earnings missed analysts' expectations. WHAT'S NEW: The company reported Q2 earnings per share 80c on revenue of $6.23B, falling short of analysts' estimates of 86c and $6.3B, respectively. Comparable sales were up 3.4% for the quarter and comparable sales together with comparable sales of departments licensed to third parties were up 4%. Chief Executive Officer Terry Lundgren noted that even with an improved sales trend in Q2, the company could not make up its sales shortfall from the first quarter. Looking ahead, Macy's reaffirmed its fiscal year 2014 EPS view of $4.40-$4.50 against estimates of $4.47, but cut its FY14 SSS view to 1.5%-2% from 2.5%-3%. Second half same store sales are expected to be up 2%-3%, and the company said expectations for the second half of the year are "on track." Lundgren said the company is approaching 2H with "confident optimism." WHAT'S NOTABLE: On the company's earnings conference call, Macy's Chief Financial Officer Karen Hoguet said the retail expects third quarter SSS to be lower than fourth quarter, adding that it "feels good" about the back half of the year. Macy's said that it sees fall season EPS, or the combined EPS for Q3 and Q4, of $3.04-$3.14 and expects total sales for the second half of the year to be about 30 basis points lower than comp growth. Macy's sees gross margins flat to down slightly for the year and fall season. ANALYST OPINION: This morning, UBS analysts said the Q2 miss could signal Macy's have been unable to generate incremental margin support from brands into increasingly promotional sales trends. Morgan Stanley analysts, meanwhile, believes the Q2 miss and the pullback in shares will be temporary and it presents a buying opportunity. The firm expects more margin misses over the next few weeks due to the promotional environment and remains convinced that Macy's key strategies are still in the early stages of delivering results. PRICE ACTION: In late-morning trading, shares of Macy's dropped $2.89, or 4.84%, to $56.88. OTHERS TO WATCH: J.C. Penney (JCP), which reports earnings tomorrow, is down 2.15%. Nordstrom (JWN), which also reports earnings tomorrow, is relatively flat.

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