Tag: stock market

J.C. Penney Co. Inc. said Monday that it will expand its new appliance showroom to nearly 500 stores between July and the fall after a three-market pilot proved successful. Appliances will also be available on the retailer’s website. Appliances were re-introduced in San Diego, San Antonio and Tampa, Fla. on February 1. The company said it will also allocate additional floor space to window coverings including curtains and shades. J.C. Penney is testing a new furniture line, Signature Design by Ashley, from family-owned Ashley Furniture, and flooring offerings in Tampa, Fla and Washington D.C. through a venture with Empire Today. In addition, J.C. Penney announced that it exceeded earnings before interest, taxes, depreciation and amortization expectations for the fiscal first quarter ahead of the earnings announcement on Friday. The company says it still expects to achieve its full-year EBITDA guidance of $1 billion. The announcement comes after a New York Post report on Friday that the company was taking cost-cutting measures like cutting hours. Shares fell Friday, but are up 0.7% in Monday trading. J.C. Penney shares are up 25% for the year-to-date while the S&P 500 is up 0.9% for the same period.

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U.S. stocks opened lower on Monday, as a drop in oil prices along with downbeat trade data from China weighed on sentiment. The S&P 500 was down one point, or less than 0.1%, to 2,056. The Dow Jones Industrial Average was down 20 points, or 0.1%, to 17,727 at the open. Meanwhile, the Nasdaq Composite began the session down a point, or less than 0.1%, at 4,735.

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Kroger Co. said Monday that it has recalled its broccoli raisin salad on concerns that sunflower kernels provided by a supplier are contaminated with listeria. Kroger has taken the item off the shelves and customers are advised to return the product to the store for a refund or replacement. No illnesses have been reported. Kroger, Jay-C, Dillons, Bakers, Gerbes and Food 4 Less in the Midwest are included in the recall. Kroger shares are down 0.1% in premarket trading and down 17.4% for the year to date. The S&P 500 is up 0.7% for the same period.

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From:: Stock Market News

Kroger Co. said Monday that it has recalled its broccoli raisin salad on concerns that sunflower kernels provided by a supplier are contaminated with listeria. Kroger has taken the item off the shelves and customers are advised to return the product to the store for a refund or replacement. No illnesses have been reported. Kroger, Jay-C, Dillons, Bakers, Gerbes and Food 4 Less in the Midwest are included in the recall. Kroger shares are down 0.1% in premarket trading and down 17.4% for the year to date. The S&P 500 is up 0.7% for the same period.

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Abercrombie & Fitch Co. said Monday that it will expand its presence in the Middle East to Saudi Arabia, Qatar, Bahrain and Oman through its partnership with Majid Al Futtaim Fashion. The teen retailer has already opened eight stores in the United Arab Emirates and Kuwait since 2013 with Majid Al Futtaim Fashion. The first Abercrombie & Fitch store will open in Qatar in the first quarter in 2017 and in Saudi Arabia in the second half of 2017. Abercrombie & Fitch shares are unchanged in premarket trading, and up 14.4% for the past year. The S&P 500 is down 2.8% for the last 12 months.

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Krispy Kreme Doughnuts Inc. said Monday it has agreed to be acquired by JAB Beech for $21 a share in cash, in a deal with an equity value of about $1.35 billion. The price is equal to a premium of 25% over Krispy Kreme’s closing stock price on Friday, the company said in a statement. JAB focuses on long-term investments in premium brands, and owns stakes in retail coffee companies, including Keurig Green Mountain, Jacobs Douwe Egberts and Peet’s Coffe & Tea. The deal is expected to close in the third quarter, after which Krispy Kreme will be privately owned but continue to operate from its headquarters in Winston-Salem, N.C. The stock was halted in premarket trade ahead of the announcement, but is up about 12% in the year so far, while the S&P 500 has gained 0.7%.

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Tribune Publishing Co. said Monday it is adopting a shareholder rights plan, also known as a poison pill, as it continues to fight to stave off an unsolicited bid from Gannett Co. . “Based on Gannett’s approach and continued hostility, the board is taking prudent measures to protect our shareholders’ best interests,” Tribune said in a statement. The company continues to view the Gannett offer as opportunistic and one that undervalues it assets, and is determined to push ahead with its own transformation plan. “The entire publishing industry has been turned upside down over the last few years and we believe in giving the team a reasonable period to execute on the compelling vision they have articulated,” Chairman Emeritus Eddy Hartenstein said in the statement. Goldman Sachs is acting as adviser to Tribune. Neither stock was active in premarket trade.

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Sotheby’s said Monday that it had a first-quarter net loss of $25.9 million, or 41 cents per share, after net income of $5.1 million, or 7 cents per share, for the same period last year. The FactSet consensus was a loss per share of 26 cents. Revenue for the quarter totaled $106.5 million, down from $155.7 million for the same period last year. The FactSet consensus was $121 million. The art auction company said the quarter was impacted by a 35% decrease in net auction sales. In the same period last year, the company reported “record sales” of Impressionist and contemporary art in London, and Asian art sales in New York, leading to an “atypically profitable first quarter for the seasonality of Sotheby’s business.” The company has had some “high points” for the second quarter so far, according to a statement from Tad Smith, Sotheby’s chief executive, including a 17% sales increase in Hong Kong. Sotheby’s shares are unchanged in premarket trading, and down 37.6% for the past 12 months. The S&P 500 is down 2.8% for the last year.

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Lending Club Corp. said Monday that Chief Executive Renaud Laplanche is resigning after a review of sales of $22 million in near-prime loans to a single investor breached that investor’s explicit instructions. “A key principle of the company is maintaining the highest levels of trust with borrowers, investors, regulators, stockholders and employees. While the financial impact of this $22 million in loan sales was minor, a violation of the company’s business practices along with a lack of full disclosure during the review was unacceptable to the board,” board director Hans Morris, who has taken on the role of executive chairman, said in a statement. The online lender said it has named President Scott Sanborn as acting CEO, to be supported by Morris. The company said it will take stops to resolve the material weaknesses in its internal controls and improve its disclosure controls. Three senior managers have resigned after the review. The company said it had net income of $4.1 million, or 1 cent a share, in the first quarter, after a loss of $6.4 million, or 2 cents a share, in the year-earlier period. Adjusted per-share earnings came to 5 cents, matching the FactSet consensus. Revenue rose to $151.3 million from $81.0 million, ahead of the FactSet consensus of $148 million. Shares are down 36% in the year so far, while the S&P 500 has gained 0.7%.

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The U.S. economy is on pace for growth of 2.5% over the course of 2016, said Charles Evans, president of the Federal Reserve Bank in Chicago, speaking in London on Monday. “The most important fundamental is the improvement of labor prospects. The U.S. labor market has been strong for quite some time,” he said at the City Week conference. “More recently, labor-force participation has improved noticeably,” he said. But weak spots for the economic outlook include the impact of lower commodity prices on capital expenditure, and “the international sector has been a drag on growth.” Evans, considered to be a dovish Fed official, is not a voting member on the Fed’s interest-rate setting board this year.

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