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JCP

J.C. Penney Company Inc.

5/25/2013, 1:46 AM ET

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Friday, May 24, 9:37 AM Polar Capital's Brad Ginesin indicates the read-through for J.C. Penney (JCP -0.7%) from Sears Holdings' (SHLD -17.4%) shoddy quarter isn't too pretty. The hedge fund manager's laundry list of JCP/SHLD headaches: "...no consumer traction, drifting strategy, murky profit outlook, victim to strong competition." 1 Comment [Consumer, On the Move]
Tuesday, May 21, 2:19 PM J.C. Penney (JCP +2%) is reported to have reduced the rate on its $2.25B term loan to Libor + 500-525 bps from Libor +575 bps. The retailer is using the funds from the loan for working capital. Comment!
Monday, May 20, 7:59 AM J.C. Penney (JCP) receives a stinging price target cut from BMO Capital to $7 on the firm's take that it would take a miraculous "massive increase" in sales to return the retailer to profitability. A more likely scenario could be tangible equity turning negative in FY15, warns the firm. JCP -0.2% premarket. 5 Comments [Consumer]
Friday, May 17, 6:54 AM Retail watch: Chipotle (CMG), J.C. Penney (JCP), and Macy's (M) all hold their annual shareholder meeting today with each company expected to outline channels to find new growth. The trio could also use their meeting to back earnings guidance or tip off current sales trends. Comment! [Consumer]
Thursday, May 16, 7:54 PM Some notes from the J.C. Penney (JCP) Q1 earnings call: CEO Mike Ullman has identified 30 to 40 areas to improve, adding that he doesn't see any structural issues that would prevent a turnaround and thinks margin will return to 2011 levels. He notes that 2013 CAPEX spending is nearing completion, and he plans to bring back 3 or 4 private label brands. Read more on JCP's earnings call here: Earnings Call Transcript. Shares -1.7% AH. 3 Comments [Consumer, Earnings, On the Move]
Thursday, May 16, 4:48 PM More on J.C. Penney (JCP) Q1 earnings: Cash burned through from operations is $752M vs. $577M a year ago. Cash used for capex of $214M vs. $107M a year ago. Totalled together, the company went through nearly $1B in cash in Q4 vs. $684M a year ago. New CEO Mike Ullman: "We are looking forward, not back." Indeed. Shares are all over the place AH, currently flat. CC at 5 ET. (PR) Comment! [Earnings, Financials, On the Move]
Thursday, May 16, 4:36 PM J. C. Penney (JCP): Q1 EPS of -$1.31 misses by $0.35. Revenue of $2.64B misses by $0.08B. Shares +1.4% AH. (PR) 4 Comments [Earnings, Breaking News, On the Move]
Thursday, May 16, 12:10 AM Notable earnings after Thursday’s close: ADSK, AMAT, ARUN, BRCD, DELL, JCP, JWN, SINA, VNET Comment! [Earnings]
Wednesday, May 15, 5:35 PM Notable earnings after Thursday’s close: ADSK, AMAT, ARUN, BRCD, DELL, JCP, JWN, SINA, VNET Comment! [Earnings]
Wednesday, May 15, 7:24 AM The board at J.C. Penney (JCP) has thrown its support behind CEO Mike Ullman and may keep the exec on the job longer than an antsy Bill Ackman wants, according to sources. Ullman has built up enough forward momentum at the retailer that his job appears to be safe through the critical back-to-school and holiday seasons from an Ackman-led replacement search. 4 Comments [Consumer]
Tuesday, May 14, 3:38 PM An independent appraisal on the value of J.C. Penney (JCP +2.7%) stores and corporate buildings came in at $4.06B, according to a SEC filing (8-K). The mark appears to be well below what Morgan Stanley tabulated the assets to be worth just last week. 7 Comments [Consumer]
Monday, May 13, 3:59 PM The rest of the top 25 heavily shorted S&P 1500 stocks: ESI, GTAT, DGIT, LQDT, WRLD, JCP, GME, FRAN, SVU, ONE, AKS, CRR, EBIX, DDD, SPF, DMND, DECK, BKS, COCO, X. 7 Comments
Monday, May 13, 9:11 AM More on retail sales: Building material and garden equipment sales (HD, LOW) were again, up 1.5% M/M and 4.1% Y/Y, while department store sales (SHLD, KSS, M, JWN, JCP) trailed expectations. Grocery store sales (KR, SVU, SWY) slipped during April compared to March but were 2% than a year ago on pricing gains. 1 Comment [U.S. Economy, Consumer]
Wednesday, May 8, 2:39 PM No news is good news as shares of J.C. Penney (JCP +7%) stay at elevated levels following Bill Ackman's presentation at the Ira Sohn conference with nary a mention of the retailer. With George Soros an investor and two hedge funds rumored to be moving in, Ackman may figure he can share the heavy lifting on JCP. Comment! [Consumer, On the Move]
Wednesday, May 8, 8:05 AM The market is way ahead of itself in pricing in a successful J.C. Penney (JCP) restructuring, according to Margaret Bogenrief. She argues that with most of the retailer's assets pledged and the financial engineering running out of new tricks, things could easily get worse before they get better. JCP +0.3% premarket. 2 Comments [Consumer]
Tuesday, May 7, 4:19 PM J.C. Penney (JCP) reports preliminary Q1 revenue of $2.635B, a mark which sits just short of the consensus estimate of analysts. A comparable store sales decline of 16.6% during the quarter is actually an improvement, but the retailer is starting to run up against soft comps. JCP +2.3% AH to $16.77 as the quarter for the retailer has some appearances of a bottoming out of the sales plunge with more home goods on tap for Q2. 6 Comments [Consumer, Earnings, On the Move]

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