J.C. Penney (JCP) stock has surged nearly 8% in early trading despite a dismal earnings miss. The beleaguered retailer lost $181 a share, even wider than the predicted losses of $1.72 a share. Revenues were also slightly below the consensus at $2.78-billion versus $2.80-billion.
Meanwhile home improvement chain Lowe's (LOW) missed estimates. The company made earnings of 47-cents a share for the quarter, a penny below expectations. Revenues topped the consensus at $12.957-billion compared to $12.723-billion. Home Depot had stronger results when it reported earnings yesterday.
Deere (DE) is out with record earnings. The equipment maker posted profits of $2.11 for the quarter, far surpassing estimates of $1.89. Revenues also darted part estimates at more than $9.4-billion dollars. The consensus had been for $8.68-billion. Meanwhile a big miss on earnings for Staples (SPLS): 21-cents a share when expectations were for exactly twice that. Revenues also missed but only slightly coming in at $6.11-billion versus $6.18-billion.