U.S. stocks closed mixed on Tuesday as investors digested the first of the major earnings reports and moderate economic data.» Read More
J.C. Penney Chief Executive Mike Ullman is feeling good about the retailer's prospects for 2007 -- even though the company lowered its first-quarter forecast below analysts' expectations earlier Thursday. "We are very confident about the total year," Ullman told CNBC's Becky Quick. "The first quarter is not the strongest quarter in terms of the comparison."
J.C. Penney said fourth-quarter earnings fell 13% on a higher tax expense, and issued profit guidance for the first quarter below analysts' expectations. Investors were disappointed with the weak first quarter outlook, as shares fell as much as 4% earlier. But Mike Ullman, J.C. Penney's chairman and chief executive, told CNBC he's confident the retailer will make up for any first-quarter weakness during the rest of the year.
The biggest winner of the Oscars has already started to collect. It's not a celebrity or producer, it's ABC. The network recently wrapped up its ad sales for the telecast on the 25th, grabbing more than $1.6 million per thirty-second spot, for over $80 million dollars in revenue. That's double the revenue in 1998, and up from $72 million total last year.
Driven by soothing words from the Fed Chairman and the market's own mania for deals, stocks closed out last week on a high note. This week, traders will be ready to pounce on any news that will reinforce the view that the Fed might cut rates this year after all.
Frigid winter winds blew life into U.S. retailers' January sales as consumers snapped up cold weather clothes.
Retailers reported mixed sales for December, as unusually warm weather hurt sales of winter apparel but stores with high-end or big-ticket items lured shoppers at the end of the month.
Which retail stocks should investors keep an eye out for in ’07? Robert Buchanan, retail analyst for A.G. Edwards, and Dana Telsey, retail analyst and chief research officer for Telsey Advisory Group, were on “Morning Call” to give their picks. Buchanan has a buy on J. C. Penney . He says a slowing has already occurred and the company is poised for growth in the new year. Buchanan especially likes the management at Penney.
Catherine West, 47, was named executive vice president and COO in June and previously worked for Capital One Financial, where she had been president of its U.S. card business. Her termination was effective immediately, J.C. Penney said in a brief statement.
Stocks closed slightly higher after giving back big gains from an early session surge.
Retail sales in the U.S. rose a paltry 2.1% in November. Now the race is on to capture valuable holiday shopper dollars before the end of the season. But are the discounts being offered to lure customers into stores shaving too much off the retail industry’s profit margins? Marshall Cohen – chief retail analyst at NPD Group – seems to thinks so.
Stocks closed mostly lower amid higher oil prices and a surprising decline in Midwest business activity.
Black Friday and Cyber Monday are behind us; the madness of the final shopping countdown lies ahead. Where does U.S. retail stand today? Richard Hastings, senior retail analyst at Bernard Sands, and Standard & Poor's Retail Analyst Jason Aseyda weighed in on “Morning Call.”
Retailers reported mixed November same-store sales, with nearly half falling short of forecasts.
Nearly half of holiday shoppers are expected to spend the same amount as they did last season, according to a new CNBC poll.