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Stock Market & Financial Investment News

News Breaks
August 21, 2014
10:35 EDTJCP, SHLD, BONT, MSears falls after reporting Q2 loss that more than doubled analyst projections
Shares of retailer Sears (SHLD) are slumping after the company reported a second quarter loss that was more than double what analysts projected. WHAT'S NEW: Sears' Q2 earnings per share was a loss of $5.39, which far surpassed analysts' consensus estimates of a $2.63 loss. The company's Q2 revenue was $8.01B, also missing analysts' consensus estimates of $8.13B. Same-store sales for the quarter at its full-line stores were up 0.1% and Kmart SSS for the quarter declined 1.7%. Sears' Chief Executive Officer Edward S. Lampert said that the company has shown progress in transformation, but added that the Q2 earnings "are unacceptable." Lampert said the company is "taking steps" to address its performance on several levels, including reducing costs, investing in its Shop Your Way and Integrated Retail customer initiatives, rationalizing our physical footprint and improving pricing and promotions. WHAT'S NOTABLE: During the company's conference call, the company said that it expects domestic pension contributions to decline after FY14, providing relief from funding pressures created by artificially low interests rates. During the FY14 holiday season, Sears expects that its domestic inventory will be at a level that the borrowing base will not limit the amount it can draw under the credit facility. The retailer said that it is taking steps to reduce costs, invest in acceleration of transformation, and improve pricing and promotional design. As Sears continues to adjust its store footprint, it expects to further reduce lease obligations. A main goal for the company is to focus on investments and acquisitions that will enhance shareholder value. Sears noted that it sees additional revenue and margin benefit in the future. The retailer expects to close 130 stores in FY14 and has closed 95 to date. OTHERS TO WATCH: Competitors of Sears include Macy's (M), Bon-Ton Stores (BONT) and J.C. Penney (JCP). PRICE ACTION: During morning trading, shares of Sears fell $2.51, or 7.15%, to $33.38. Macy's was up 0.4%, Bon-Ton Stores rose 10% and J.C. Penney rose 1.02%.
News For SHLD;M;BONT;JCP From The Last 14 Days
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April 24, 2015
15:10 EDTJCPJ.C. Penney May volatility elevated into Q1 and outlook
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April 23, 2015
14:36 EDTMMacy's CEO says sees more discretionary spending in the future
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April 22, 2015
10:02 EDTMMacy's partners with Heidi Klum for exclusive collection
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April 21, 2015
08:12 EDTSHLDSears announces locations of two remaining stores to open in U.S.
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April 16, 2015
07:11 EDTSHLDSears may need to contibute more money into pension plan, WSJ reports
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April 15, 2015
11:09 EDTJCPJ.C. Penney rally would be opportunity to issue shares, says Imperial Capital
Imperial Capital continues to expect elevated debt levels to erode the value of J.C. Penney shares, but it thinks favorable operating momentum could drive the stock price above $10. Imperial believes such a rally would provide Penny with a "great opportunity" to issue additional shares to pay down debt. The firm keeps an Underperform rating on Penny with a $3 price target. Shares of the retailer are up 9c to $9.23 in late morning trading.
April 14, 2015
11:47 EDTJCPJ.C. Penney business on 'more stable footing,' says Baird
Baird analyst Mark Altschwager says J.C. Penney's business is on "more stable footing" after the retailer reported a quarter-to-date comp of 6% and provided Q1 comp guidance above consensus. Altschwager raised his price target for shares to $10 from $9 but keeps a Neutral rating on Penny. He believes meaningful free cash flow growth will be challenging as investment needs normalize.
08:55 EDTJCPJ.C. Penney sees Q1 SSS up 3.5%-4.5%
J.C. Penney said in a regulatory filing that on April 13, the company became aware that a senior official of the company inadvertently sent an e-mail communication to a securities analyst that contained non-public information regarding the company’s comparable store sales results for Q1 to date, which are approximately 6%. Based on results to date, and taking into account the shift of Easter into the fiscal month of March this year, the company currently expects comparable store sales for Q1 to be in the range of 3.5%-4.5%.
April 13, 2015
09:23 EDTSHLDSears moves higher on Simon Property Group deal
Price was last higher by over 3.8% in the pre-market to $44.60 after the company struck a deal with Simon Property Group (SPG) similar to that previously made with General Growth Properties (GGP). Resistance is at $45.69. Support is at $44.02.
06:35 EDTSHLDSears volatility low into Simon Property a joint venture of real estate holdings
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06:22 EDTSHLD, JCPGap, Target, others scrutinized by NY AG over staffing practices, WSJ says
Several major retailer including Gap (GPS) and Target (TGT) are under investigation by New York Attorney General Eric Schneiderman over their staffing practices and whether they require workers to show up or stay home with little notice, The Wall Street Journal reports. Schneiderman sent letters warning Abercrombie & Fitch (ANF), JC Penney (JCP), Urban Outfitters (URBN), TJX Cos (TJX), Ann Inc (ANN), L Brands (LB), Burlington Stores (BURL), Sears Holdings (SHLD), Williams-Sonoma (WSM) and J Crew Group that he believes the chains are using on-call scheduling and that such practices may be in violation of New York laws. Reference Link
06:06 EDTSHLDSears, Simon Property form 50/50 JV
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