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Stock Market & Financial Investment News

News Breaks
August 13, 2014
11:46 EDTJCP, M, JWNMacy'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.
News For M;JCP;JWN From The Last 14 Days
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March 31, 2015
10:19 EDTMMorgan Stanley to hold a conference
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06:42 EDTJCPJ.C. Penney Q1 comp estimate, price target raised at Piper Jaffray
Piper Jaffray believes warmer weather versus last year and greater mall traffic from Apple (AAPL) Watch interest will drive positive Q1 momentum for J.C. Penney (JCP). Piper raised its comp estimate for Q1 to up 3% from up 1% and its price target for shares to $14 from $13. The firm keeps an Overweight rating on J.C. Penney.
March 27, 2015
13:31 EDTMKellogg CEO John Bryant elected to Macy's board of directors
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09:01 EDTMFinish Line sees Macy's business generating $240M-$250M in FY sales
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08:56 EDTMFinish Line says Macy's partnership on the way to exceeding long-term vision
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March 26, 2015
06:22 EDTMMacy's says mobile shopping, electronics dampening retail performance, MW says
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March 24, 2015
08:26 EDTMMacy's says will keep investing in e-commerce, online security
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08:24 EDTMMacy's says store closings 'not really about Internet'
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07:27 EDTMTelsey Advisory to hold a conference
2015 Consumer Conference is being held in New York on March 24-25.
March 20, 2015
09:01 EDTJCPJ.C. Penney says general counsel Janet Dhillon to leave company
J.C. Penney said in a filing that effective March 20, Janet Dhillon, Executive Vice President, General Counsel and Secretary, is leaving J. C. Penney Company.
March 19, 2015
07:04 EDTMAmerican Express confirms plans to launch Plenti loyalty program
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March 18, 2015
13:30 EDTJCPJ.C. Penney trades lower after news of executive departures
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06:16 EDTMAmerican Express to launch Plenti loyalty program this spring, WSJ reports
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March 17, 2015
15:41 EDTJCPJ.C. Penney General Counsel Janet Dhillon leaving, Bloomberg says
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06:57 EDTJCPJ.C. Penney CMO leaves company, effective immediately, AdAge reports
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