Stocks to watch: JC Penney, Washington Post
The department store chain posts a loss but beats analysts' estimates. The newspaper publisher may report a quarterly profit.
Updated at 8:55 a.m. ET
J.C. Penney (JCP) posted a fourth-quarter loss of $87 million, or 41 cents a share, compared with year-earlier earnings of $271 million, or $1.13 a share. Excluding items, earnings were 74 cents a share. Revenue was $5.43 billion. Analysts were looking for earnings of 68 cents a share on revenue of $5.5 billion. Same-store sales fell 1.8%. The retailer has jumped by $1.4 billion in value since new CEO Ron Johnson outlined a turnaround plan that kicked off on Feb. 1.
Publisher Washington Post (WPO) is expected to report fourth-quarter earnings of $6.32 a share on revenue of $1.04 billion, according to analysts.
American International Group (AIG) reported fourth-quarter net income of $19.8 billion, boosted by a gain of $17.7 billion related to the release of a deferred tax asset valuation allowance. Operating profit in the quarter was 82 cents a share; analysts were looking for 63 cents.
Salesforce.com (CRM), the cloud computing company, topped Wall Street's fourth-quarter earnings expectations. For the three months ended Jan. 31, the company reported adjusted earnings of $61.6 million, or 43 cents a share, on revenue of $632 million. Analysts were expecting a profit of 40 cents a share on revenue of $624 million. Salesforce forecast non-GAAP earnings for the current fiscal year of $1.58 to $1.62 a share on revenue of $2.92 billion to $2.95 billion. Analysts polled by Thomson Reuters see profit of $1.62 a share on revenue of $2.91 billion.
Bank of America (BAC) says it will stop selling new home loans to Fannie Mae. The announcement Thursday highlights a long legal battle over how many defaulted mortgages Bank of America should buy back from Fannie since the housing bubble burst. Bank of America has said that it will turn to Freddie Mac or Ginnie Mae to back up its mortgages and that the recent decision will not affect its customers. The move, however, is huge, given that Bank of America sold almost $38 billion in mortgages to Fannie last year.
Private-equity firm Apollo Global (APO) is said to be near a deal to buy El Paso's (EP) oil-exploration business for about $7 billion, according to The Wall Street Journal. The agreement, which includes Riverstone Holdings, an energy-focused private-equity group, may be signed by Friday. The oil and gas industry has been a handful of deals in the past year.
Newmont Mining (NEM) is expected to post a quarterly profit of $1.27 a share on revenue of $2.74 billion.
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] A solid November employment report translated into a solid day of gains for the major averages. While there was some talk that the encouraging job growth raised the odds of the Fed announcing a tapering at its December meeting, the message of the markets today was either that it didn't believe there would be a tapering this month or that it doesn't fear a tapering this month.
It was just one day, yet there was ample meaning wrapped up in the connection that the 10-yr ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
LATEST MARKET DISPATCHES
- No more Dispatches; here's where to find market news
The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
- Dow falls 59 as late-day gloom kills a rally
- Stocks held back by fiscal-cliff worries
- Stocks suffer worst weekly loss in 5 months
- Dow off 121 as post-election swoon continues
- Dow slumps 313 after Obama's re-election
- Dow jumps 133 as Americans head to the polls
The Fed may start tapering in just a few months. Here are a few of the likely winners and losers.