Today's Research Reports on Stocks to Watch: J.C. Penney and Nordstrom

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Accesswire 14-Aug-2017 8:20 AM
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NEW YORK, NY / ACCESSWIRE / August 14, 2017 / J.C. Penney plummeted to an all-time new low on Friday after reporting another dismal quarterly report that had a loss wider than the Street expected. Nordstrom shares may not have seen much action on Friday, but the company has been faring well compared to other retailers given its latest quarterly report that beat on both the top and bottom line.
RDI Initiates Coverage on:
J.C. Penney Company, Inc. https://ub.rdinvesting.com/news/?ticker=JCP
Nordstrom, Inc. https://ub.rdinvesting.com/news/?ticker=JWN
J.C. Penney Company, Inc. was one of the biggest decliners on the NYSE in Friday trading. Shares closed down 16.56% and hit an all-time new low of $3.77 during intra-day trading. Traders were less than thrilled with the retailers second quarter fiscal report and seemed concerned about the company's turnaround efforts. J.C. Penney reported an adjusted loss of 9 cents per share while Wall Street had called for a loss of just 5 cents. Revenue was a beat at $2.96 billion compared to the $2.87 billion expected by analysts, thanks in part to the company's liquidation sales. CEO Marvin Ellison assured that the effects of liquidation would be contained in the second quarter. Ellison says the company is "confident in our ability to further strengthen our balance sheet, while driving sustainable growth and long-term profitability for JCPenney."
Access RDI's J.C. Penney Company, Inc. Research Report at: https://ub.rdinvesting.com/news/?ticker=JCP
Nordstrom, Inc.'s shares closed fairly flat this past Friday on roughly 6.5 million shares traded. Despite an impressive second quarter earnings report, Nordstrom shares saw only a modest close in the green. For the period, the luxury retail company reported sales of $3.79 billion while the estimate called for $3.75 billion. Earnings per share were 65 cents for the quarter while estimates were 64 cents. Looking ahead, the company raised the low end of its EPS guidance for fiscal 2017 thus bringing the range to $2.85 to $3 as compared to the earlier range of $2.75 to $3. Wall Street analysts are expecting an EPS of $2.96. After reporting, KeyBanc Capital Markets reiterated an "overweight" rating on the stock and a $55 price target. Analyst Edward Yruma noted, "We believe Nordstrom has one of the most capable management teams in our coverage." According to Yruma, Nordstrom's successful quarter was due to a "successful" anniversary sale as well as e-commerce performance.
Access RDI's Nordstrom, Inc. Research Report at: https://ub.rdinvesting.com/news/?ticker=JWN
Our Actionable Research on J.C. Penney Company, Inc. (NYSE: JCP) and Nordstrom, Inc. (NYSE: JWN) can be downloaded free of charge at Research Driven Investing.
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