Stocks to watch: Target, Sears
Target's quarterly results fail to impress investors, while Sears announces plans to sell stores to raise cash.
By Joseph Woelfel
Target (TGT) posted fiscal fourth-quarter earnings of $1.49 per share, excluding certain items, up from $1.38 a share in the year-earlier period. Revenue was $21.29 billion, up from $20.66 billion a year ago. Revenue rose 3% to $21.29 billion. Analysts had expected the company to earn $1.40 a share on revenue of $21.21 billion.
Sears Holdings (SHLD) said it plans to sell 11 stores and break out its outlet and Hometown businesses through a rights offering that might raise as much as $500 million. The company plans to sell the sites to General Growth Properties (GGP) for $270 million. The company also said it earned 54 cents int he fourth quarter, excluding certain items, falling short of expectations for 78 cents.
Apple (AAPL) will hold its shareholders' meeting Thursday at its headquarters in Cupertino, Calif. The iPhone and iPad maker may have to address what it plans to do with its nearly $98 billion in cash.
Shares of Hewlett-Packard (HPQ) were falling after the PC and printer maker offered an earnings forecast for its fiscal second quarter, which ends in April, that fell short of Wall Street expectations. HP said it expects earnings of 88 cents to 91 cents per share, less than the average estimate of analysts polled by Thomson Reuters for a profit of 95 cents. The company also said its net income dropped 44% as sales of PCs fell.
Vivus (VVUS) said Wednesday a Food and Drug Administration panel recommended the agency approve Onexa, the company's proposed treatment for obesity in adults. The FDA will review the company's new drug application for Qnexa, which was submitted in October 2011. The recommendation from the FDA panel doesn't guarantee the drug will receive approval from the agency.
Kohl's (KSS) saw it fourth-quarter profit fall 7.9% amid poor holiday sales. For the period ended Jan. 28, the company reported profit of $455 million, or $1.81 a share, down from $494 million, or $1.66 a share, a year earlier. Kohl's had fewer shares outstanding in the more recent quarter. Analysts expected profit of $1.82 a share. The department store chain said it expects profit to rise by 2% to $4.75 a share for the year ending January 2013. Analysts are looking for $4.95 a share.
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[BRIEFING.COM] The stock market ended the holiday-shortened week on a mixed note as the Dow Jones Industrial Average shed 0.1%, while the S&P 500 added 0.1% with seven sectors posting gains.
Equity indices faced an uphill climb from the opening bell after disappointing quarterly results from Google (GOOG 536.10, -20.44) and IBM (IBM 190.04, -6.36) weighed on the early sentiment. Google reported earnings $0.15 below the Capital IQ consensus estimate on revenue of $15.42 ... More
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