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Stock Market & Financial Investment News

News Breaks
August 21, 2014
10:35 EDTM, JCP, SHLD, BONTSears 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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January 28, 2015
11:03 EDTSHLDSears reduces headcount at corporate locations, Chicago Tribune says
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January 27, 2015
06:06 EDTSHLDSears Holdings volatility increases, shares in tight two-month price range
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January 23, 2015
09:02 EDTMMacy's Sacramento fulfillment center to relocate to larger facility
Macy’s announced it plans to relocate its West Sacramento, CA, direct-to-consumer fulfillment center to a larger facility in a nearby location in Sacramento County to support continued sales growth driven by Macy’s omnichannel strategy. Contingent on approvals by the Sacramento County Board of Supervisors, Macy’s will begin operations in summer 2015 at a 385,000-square-foot facility at 6200 Franklin St., creating approximately 100 new jobs. The current 92,000-square-foot fulfillment center is located about 10 miles away at 3919 Channel Drive in West Sacramento. The current workforce of 72 associates is planned to grow to more than 175 after the move. Macy’s multi-million-dollar upgrade to the new fulfillment center will include building modifications and the latest technology in material handling equipment and warehouse management systems.
January 21, 2015
12:12 EDTSHLD, JCP, MBest Buy, home retailers seen getting biggest bump from Sears demise
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06:59 EDTMMacy's sues Strategic Marks in brand dispute, NY Post says
Macy's is suing Strategic Marks after the company attempted to acquire certain Macy's brand names, including Abraham & Straus, Marshall Field’s, and Filene’s, reports the New York Post. Strategic Marks laid claim to the "dormant" brands, saying Macy's acquired then abandoned them in order to eliminate regional competition, and trial is set for March 2. The Post notes that Strategic is readying "its own launch of new merchandise and pop-up stores." Reference Link
06:52 EDTMMacy's sues Strategic Marks in brand dispute, NY Post says
Macy's is suing Strategic Marks after the company attempted to acquire certain Macy's brand names, including Abraham & Straus, Marshall Field's, and Filene's, reports the New York Post. Strategic Marks laid claim to the "dormant" brands, saying Macy's acquired then abandoned them in order to eliminate regional competition, and trial is set for March 2. The Post notes that Strategic is readying "its own launch of new merchandise and pop-up stores." Reference Link
January 20, 2015
12:01 EDTSHLDOverstock.com to appeal patent infringement case
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09:44 EDTMSupreme Court denies appeal of 'swipe fee' ruling, Reuters reports
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08:47 EDTBONTBon-Ton Stores announces 2015 retirement of CFO Keith Plowman
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07:10 EDTBONTBon-Ton Stores cuts FY adjusted EBITDA view to $140M-$150M from $150M-$160M
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07:09 EDTBONTBon-Ton Stores reports holiday period SSS up 5.3%
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06:22 EDTJCPJ.C. Penney to bring back 120-page catalog, WSJ reports
J.C. Penney has decided to resurrect its catalog in the form of a 120-page book that will mark the first catalog the chain has sent out since 2010, The Wall Street Journal reports. The retailer, which quit the catalog amid a broader pullback caused by the recession and the rise of e-commerce, now believes the catalog can help drive web sales. Reference Link
January 16, 2015
11:04 EDTSHLDFAA proposes $533,000 civil penalty against Sears Holdings
The U.S. Department of Transportation’s Federal Aviation Administration proposes a $533,000 civil penalty against Sears Holdings Management Corp. for allegedly violating Hazardous Materials Regulations. The FAA alleges that Sears on Dec. 20, 2012 offered UPS 27 boxes, each containing one DieHard Portable Power Supply that encased a non-spillable battery, for air transportation to various locations in the United States. Workers at the UPS sort facility in Louisville, Ky., discovered six of the corrosive shipments were vibrating and one was warm to the touch. The FAA alleges that Sears failed to package the batteries in accordance with the Hazardous Materials Regulations to prevent unintentional activation. The agency also alleges the shipment was not accompanied by shipping papers to indicate the hazardous nature of its contents, and was not marked or labeled. Additionally, Sears offered the shipment without providing emergency response information and failed to ensure its employees had received required hazardous materials training, the FAA alleges. Sears has 30 days from the receipt of the FAA's enforcement letter to respond to the agency.

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