Stocks Buzz: J.C. Penney Company, Groupon Inc, Citigroup Inc, Nokia Corporation
2013-02-28 11:34 ET - News Release
NEW YORK, February 28, 2013 - vb-news.net, one of the leaders in providing investment alerts on U.S. stocks are announcing Investment Highlights on J.C. Penney Company, Groupon Inc, Citigroup Inc, Nokia Corporation.Department stores chain J.C. Penney Company, Inc.(NYSE:JCP) reported fourth quarter results that were disappointing with a 31.7 percent fall in same store sales in the quarter, sending its shares down more than 19 percent.
Chief Executive Ron Johnson, who had been brought in to revive the chain, told analysts on a conference call that he had made a mistake with the pricing strategy during the holiday quarter.
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"We also made some big mistakes and I take personal responsibility for these," he said. The Street had expected a fall of 27.8 percent in same store sales.
Penney reported a net loss of $552 million, or $2.51 per share in the 14 weeks ended February 2, compared with a loss of $87 million, or $0.41 per share for a 13-week period a year earlier.
Excluding restructuring charges and non-cash pension plan expenses, the company posted an adjusted loss of $1.95 per share, as net sales fell 27 percent to $3.88 billion.
The department store chain had $930 million in cash and cash equivalents at the end of the quarter. Analysts had been closely watching the cash figure to see if it dropped much below the $1 billion mark.
Daily deals site Groupon Inc(NASDAQ:GRPN) belied optimistic Street forecasts and reported a loss of in its fiscal first quarter, leading to a massive fall of 25 percent in its share price in early trades on Thursday.
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The company reported both a net loss and an operating loss in the quarter, while analysts were expecting it to report earnings of 3 cents a share on revenues of $638 million.
Fourth-quarter revenue rose to $638.3 million from $492.2 million in the year-ago period. The company forecast first-quarter revenue of $560 million to $610 million. This is sharply below the $650 million average estimate of analysts.
The company, which offers discounted deals on products, had started taking a smaller share of the revenues from merchants, sacrificing sales and profits in order to retain its merchant clients.
Citigroup Inc.(NYSE:C) has raised about $10 million or 4.75 billion pesos from the sale of five-year notes that will make payments in US dollars.
Bloomberg said that this is the largest offering that ties the two currencies in the last three years.
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The securities were issued on February 15 and will pay higher returns when the peso strengthens against the dollar, according to the filing by the company with the U.S. Securities and Exchange Commission.
The coupon rate is 5 percent annually in pesos, which will be converted into dollars at the prevailing exchange rate. U.S. investors bought $1.2 million of notes linked to the South American currency last year in one offering, Bloomberg said.
It was last month that Nokia Corporation (ADR)(NYSE:NOK) had announced the ability for users to print their own 3D cases with Nokia Lumia 820. It is not possible for everyone to afford a costly 3D printer. Nokia has released CAD files for the Lumia 820 which makes it easier to understand what the future would be like.
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The Mobile World Congress has always acted as a place where handset manufacturers showcase their ground-breaking technology every year. 2013 has been no exception. Among the other interesting things the MWC 2013 brought to us, including the NFC-enabled scooters that power up when a smartphone is brought near to them, the most impressive one was the demonstration of Nokia’s 3D printing.
Nokia has partnered with MakerBot to illustrate the incredible 3D printing feature of the Nokia Lumia 820. The demonstration took into account 2 MakerBot 3D printers that were used to make cases for Nokia’s smartphone.About vb-news.net
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