|Bid||0.00 x 800|
|Ask||0.00 x 1200|
|Day's Range||2.28 - 2.35|
|52 Week Range||2.25 - 5.63|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
J.C. Penney CEO Marvin Ellison is set to leave the company in early June after being offered the CEO job at Lowe's. What does this mean for J.C. Penney investors?
Macy’s, Nordstrom, and J.C. Penney just reported earnings, and the results show it’s still possible for some department stores to succeed.
Stocks rose for the week as President Trump hailed and then doubted China trade talks. Micron soared on good news. Retailers were hot or cold. Oil prices and Treasury yields tumbled.
The new chief executive of home-improvement retailer Lowe's Cos. Inc. will be paid a base annual salary of $1.45 million and receive stock options and restricted stock worth $6 million, according to a filing with the Securities and Exchange Commission. Marvin Ellison, currently the CEO of J.C. Penney Co. Inc. (NYSE:JCP), was announced as the company's next CEO earlier this week. In the most recent quarter, Lowe’s (NYSE:LOW) reported a profit of $1.19 a share on revenue of $17.36 billion, missing analysts' expectations of earnings per share of $1.21 on revenue of $17.44 billion.
First, Lowe’s missed first-quarter earnings and revenue expectations. In other words, a lower share count helped push up earnings per share results. Lowe’s poached J C Penney Company Inc (NYSE:JCP) CEO Marvin Ellison.
Forward PE (price-to-earnings) multiples are one of the most common metrics that inform investment decisions. Forward PE is arrived at by dividing the stock price by analysts’ earnings estimates for the next four quarters. As of May 22, Kohl’s (KSS) was trading at a 12-month forward PE ratio of 11.2x.
On May 22, Kohl’s (KSS) stock fell over 7.4% after the company posted first-quarter results. The company reported net sales of $3.95 billion, which was marginally better than the analyst estimate. The company’s adjusted EPS (earnings per share) of $0.64 came in better than the Wall Street estimate of $0.50. Also, comps rose 3.6% in the first quarter driven by strength in both store and digital comps.
Kohl’s (KSS) adjusted earnings in the first quarter were $0.64, much better than analysts’ estimate of $0.50 and Q1 2017’s adjusted earnings of $0.39. On a reported basis, earnings came in at $0.45, up 15.4% on a year-over-year basis. Higher revenue and profits offset the impact of rising expenses as well as a loss on the extinguishment of debt.
William Ackman’s Pershing Square Capital Management LP is joining another activist investor in Lowe’s Cos., hoping to profit as the retailer tries to make improvements under a new chief executive. Pershing Square has built a stake in the home-improvement chain valued at roughly $1 billion as of Tuesday’s close in what is expected to be a friendly investment, according to people familiar with the matter. Lowe’s had a market value of roughly $78.3 billion at Wednesday’s close.
Ackman disclosed the stake at a New York conference, said two attendees at the private event on condition of anonymity. The company's stock price had been moving higher most of the morning and continued to climb after Ackman's disclosure. One day earlier Lowe's announced top management changes, naming J.C. Penney (JCP.N) Chief Executive Marvin Ellison to replace CEO Robert Niblock, who will retire in July.
S&P Global Ratings late Wednesday lowered its rating on J.C. Penney Co. Inc. debt further into junk territory to B, saying that operational setbacks and the departure of Chief Executive Marvin Ellison ...
Bill Ackman, via his Pershing Square Capital Management, acquired a billion-dollar stake in home improvement retailer Lowe's, according to the Wall Street Journal.
Now we know why Lowe's Co. Ackman, who reportedly revealed the position at a conference in New York on Wednesday, suggested that he supports the company's incoming CEO, Home Depot veteran Marvin Ellison, who was tapped by the retailer on Tuesday. on Tuesday, May 22 set its sights on Home Depot Inc.
The deal has paid down 22% since Moody's last review. The ratings on the P&I classes were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR) and the transaction's Herfindahl Index (Herf), are within acceptable ranges. Moody's rating action reflects a base expected loss of 45% of the current pooled balance, compared to 42% at Moody's last review.
Now that the search is on for a new chief executive at J.C. Penney Co. Inc., there’s one area that experts say the new head of the beleaguered retailer should have mastered: marketing. J.C. Penney (JCP) announced Tuesday that it is now searching for a successor to Marvin Ellison, who is leaving to become the chief executive of Lowe’s Cos. Inc. (LOW) , sending shares down roughly 7%. “Marketing will be paramount in this circumstance,” said Larry Perkins, founding partner at SierraConstellation Partners, a financial advisory and turnaround firm.
The Dow Jones Industrial Average is heading higher this morning as the U.S. and China continue to make progress on avoiding a trade war. Nasdaq Composite futures have gained 0.3%. From the looks of it, progress us being made on to avoid a full-blow trade war.
A surprise exit by its CEO may seem like a problem for J.C. Penney, but it offers a chance for the company to finally hire the right person for the job.
Wednesday, May 23: JCPenney falls after CEO leaves for Lowe’s, Amazon facial recognition tech is under fire from ACLU, NBA sponsorship spending is way up for jersey patches. Yahoo Finance’s Dan Roberts serves the news.