J.C. Penney‘s stock was in free fall Friday after the besieged retailer turned in a mixed report for the second quarter. With earnings and same-store sales falling short of Wall Street estimates, Penney’s shares sank more than 16 percent shortly in early trading, at one point hitting a low not seen since at least 1972.
But there are more challenges ahead. Chief financial officer Drew Vollero said on a conference call that the company would continue at a slower pace of hiring in the third quarter, noting that the third quarter of last year saw revenue boosts from tentpole events like the Summer Olympics and election. Plus, Vollero said, new
Graphics chipmaker Nvidia saw its stock fall more than 7 percent on Thursday after it reported stronger-than-expected earnings for the second quarter of its 2018 fiscal year, which ended on July 31. EPS: Excluding certain items, $1.01 in earnings per share vs. $0.70 in earnings per share as expected by analysts, according to Thomson Reuters.
Nordstrom reported second-quarter earnings and sales on Thursday that topped analysts’ expectations, sending shares of the stock higher after market close. Same-store sales — a metric monitored closely by Wall Street — for the company were also positive, a rare outcome among department stores of late. Nordstrom said its results this period were fueled by
Getty Images (L to R) Rupert Murdoch, executive chairman of News Corp and chairman of Fox News, and Lachlan Murdoch, co-chairman of 21st Century Fox, walk together as they arrive on the third day of the annual Allen & Company Sun Valley Conference, July 13, 2017 in Sun Valley, Idaho. News Corp reported quarterly earnings
Shares of Blue Apron plunged Thursday after the meal-kit delivery company said during its earnings call that it was encountering unexpected costs tied to starting up a new facility. These costs, as well as further cuts in marketing spending, will likely result in more losses in the second half of the year. Blue Apron now
Department store operator Kohl’s on Thursday reported quarterly earnings and sales that topped Wall Street estimates, as the retailer rung up more purchases than expected in July, the final month of the period. Kohl’s reported a narrower, 0.4 decline in same-store sales, compared to a drop of 1.8 percent during the same quarter last year.
Shares of Blue Apron plummeted Thursday after the company said it was encountering unexpected costs tied to the start up of a new plant in New Jersey. The stock opened trading Thursday down 17 percent. As a result, the meal kit-delivery company said it plans to offset these expenses by reining in marketing spending. Blue
With new CEO Jeff Gennette at the helm, Macy’s showed some signs Thursday of attaining his goal of returning to growth in same-store sales. Macy’s reported that second-quarter sales comps — including those made in departments licensed to third parties — fell 2.5 percent, but that was better than the 3.2 percent decline expected by
21st Century Fox announced fourth-quarter earnings that beat expectations and revenue that narrowly missed. Here’s how the company did compared with what Wall Street expected: EPS: 36 cents vs. 35 cents, according to Thomson Reuters Revenue: $6.75 billion vs. $6.77 billion, according to Thomson Reuters The company’s earnings fell to 36 cents per share from
Mylan’s stock bounced back in midday trading Wednesday from lower-than-expected second quarter earnings after the company’s management said its generic drug Advair is not being delayed by further FDA-required studies. After shares of the drug-maker dropped as far as 8 percent in premarket trading, Mylan’s CEO Heather Bresch clarified on a call with investors that
The company also announced that it will no longer stream its movies on Netflix starting in 2019. Disney instead plans to launch in 2019 a direct-to-consumer streaming service, which will host its films exclusively. In a Tuesday interview with CNBC’s Julia Boorstin on “Closing Bell,” Iger said that Disney has “no plans” to pull Marvel
Tesla posted a narrower-than-expected second-quarter loss Wednesday, boosted by revenue that nearly doubled. The strong revenue was driven by deliveries of its Model S sedans and Model X SUVs, helping to relieve investor concerns that the upcoming Model 3 was cannibalizing sales of its higher-end models. Here’s how the company did compared to what Wall
If consumers are holding out for the next iPhone, they’ve still been spending plenty of money at Apple Stores in the meantime. Shares were set to open at a record high Wednesday, with a market capitalization of over $830 billion, after the iPhone maker reported better-than-expected earnings. The stock climbed more than 6 percent in
“It’s what I’d call a lame-duck quarter,” Nehal Chokshi, an analyst at Maxim Group, told CNBC’s “Squawk Box” on Monday. “It doesn’t really matter what they say or do. And this is because everybody knows that the June quarter results, you know — we’re at the end of the product cycle. And everybody gives them
In conjunction with the restructuring plan, Under Armour expects to incur pretax charges of $110 million to $130 million in fiscal 2017. Most of these charges will show up in the third quarter, the company said. The charges include expenses related to facility and lease terminations, employee severance and benefit costs and contract terminations, Under
Sprint on Tuesday swung to a quarterly profit for the first time in three years and its chief executive said an announcement on merger talks should come in the “near future,” sending shares in the No. 4 U.S. wireless carrier up more than 6 percent. Sprint, majority owned by Japan’s SoftBank, is exploring options including