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Stock Market & Financial Investment News

News Breaks
July 10, 2014
16:48 EDTRCIIRent-A-Center reports preliminary Q2 adjusted EPS 36c-38c, consensus 48c
Reports preliminary Q2 revenue $773M, consensus $786.4M. Reports preliminary Q2 SSS up approximately 0.6%. Robert D. Davis, the CEO of Rent-A-Center stated, “Macro-economic pressures continue to burden our financially constrained customers contributing to softer than expected demand in our U.S. business segments. Consequently, revenue and earnings for the Q2 will not meet expectations. We are not satisfied with our Q2 results and hold ourselves accountable for improving our performance. To that end, we are excited to announce a new product line in our domestic retail stores with our entrance into the burgeoning smartphone business.” The Company’s smartphone rollout offers consumers nationwide one-stop shopping for a variety of leading, name-brand smartphones and no-contract plans, a rent-to-own industry first. It also provides ground-breaking flexibility: Phones may be rented in connection with the immediate activation of a no-contract airtime plan, or without. A choice in the brand of airtime plans is offered, and customers may even opt to activate a plan for a phone not rented through Rent-A-Center. Additionally, airtime plans may be reloaded at Rent-A-Center stores, regardless of one’s cellular carrier.
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January 23, 2015
08:00 EDTRCIIRent-A-Center price target raised to $41 from $37 at Canaccord
Canaccord raised its price target on Rent-A-Center to $41 from $37 ahead of Q4 results on February 2. The firm believes the company' smartphone penetration has continued at a healthy pace, while its labor model transition and supply chain initiatives will lead to meaningful cost savings. Canaccord reiterated its Buy rating on Rent-A-Center shares.

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