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Paul Swinand, Morningstar analyst, breaks down the retailer's first quarter results and suggests possible turnaround strategies for the company.
May 16- J.C. Penney Co Inc Chief Executive Myron Ullman told Wall Street on Thursday that the department store chain is emerging from what he called an abyss but warned he needs time to fix the issues of the retailer.
Stocks head into Friday with a weekly gain of 1 percent, but traders are seeing signs of wear as a list of disappointing economic reports stacks up against the market's gains.
A group led by hedge-fund manager Bill Ackman is reportedly set to buy a Manhattan penthouse for more than $90 million.
Professional traders discuss earnings results from J.C. Penney, which said Thursday its margins plunged.
Kohl's Corp. rose $2.35 or 4.7 percent, to $52.03. Macy's Inc. fell$. 69 or 1.4 percent, to $47.88. Nordstrom fell$. 31 or. 5 percent, to $61.13.
J.C. Penney reported a bigger quarterly loss and lower revenue than expected. CEO Mike Ullman vowed to put the retailer "back on a path to profitable growth."
Check out which companies are making headlines after the bell Thursday:
JC Penney will be out with Q1 results at any moment, with Burt Flickinger, Strategic Resource Group; and Stacey Widlitz, S.W. Retail Advisors.
Stocks ended near session lows Thursday pressured by a handful of weak economic data and as some Fed officials stated their openness to tapering the central bank's bond-buying program in the coming months.
Hedge fund managers and investment gurus have to notify the SEC about their moves every quarter. Investors pore over this data in the belief the big fish have special insight.
Kohl's Corp. rose $2.11 or 4.2 percent, to $51.79. Macy's Inc. fell$. 59 or 1.2 percent, to $47.98. Nordstrom rose$. 07 or. 1 percent, to $61.51.
Abhay Desphande, First Eagle, shares some of his favorite Japan equity plays, but warns investors not to try and pick out individual stocks. And the Fast Money traders debate the bull and bear trade on JC Penney.
Kohl's Corp. rose $2.59 or 5.2 percent, to $52.27. Macy's Inc. fell$. 26 or. 5 percent, to $48.31. J.C. Penney Co. fell$. 26 or 1.4 percent, to $18.71.
U.S. stock index futures were flat Thursday as investors digested a handful of weaker-than-expected economic data against upbeat earnings report from Cisco.
Kohl's Corp. rose$. 49 or 1.0 percent, to $49.68. Macy's Inc. rose $1.18 or 2.5 percent, to $48.57. Nordstrom rose$. 20 or. 3 percent, to $61.44.
Big investors are reporting their quarterly holdings, offering a glimpse into what some of the big fish were buying and selling during the first quarter.
JC Penney's real estate is valued at roughly the same as its market cap. Matthew Boss, retail analyst at JPMorgan, weighs in.
Kohl's Corp. rose$. 43 or. 9 percent, to $49.62. Macy's Inc. rose $1.26 or 2.7 percent, to $48.65. Nordstrom rose$. 33 or. 5 percent, to $61.57.
May 15- Macy's Inc reported higher first-quarter profit and sales on Wednesday as it won market share from rival department stores. The retailer, which operates the Macy's and high-end Bloomingdale's chains, said comparable sales rose 3.8 percent in the quarter, a slightly below Wall Street expectations.