Gion i bond j.c. penney stanno prendendo mazzate alla grande. E' uscita qualche trimestrale per caso?
J.C. Penney Falls as Analyst Cuts Estimates
J.C. Penney Falls to Lowest Since 2001 as Analyst Cuts Estimates
J.C. Penney Co. (JCP) fell to the lowest in more than 12 years after an analyst at Morgan Stanley said the department-store chain is consuming cash faster than expected and may post a wider loss than she previously estimated.
The shares slid 7 percent to $12.90 at 12:50 p.m. in New York and earlier declined to $12.65, the lowest intraday price since January 2001. The Plano, Texas-based retailer’s shares fell 30 percent this year through yesterday, compared with a 20 percent gain in the Standard & Poor’s 500 Index.
J.C. Penney’s estimate, released last week, that it would have about $1.5 billion in cash at the end of the quarter that ran through July was less than the $1.9 billion projected by Kimberly Greenberger, a New York-based analyst at Morgan Stanley.
Greenberger wrote in a note to clients today that the figure, which implies cash use of about $1 billion from the previous quarter, may be caused by lower operating cash flow, increased capital spending and higher-than-expected inventories.
J.C. Penney may have posted an adjusted loss as deep as $1.34 per share in the quarter, wider than a previous estimate of as much as $1, she said. The average projection of 22 analysts surveyed by Bloomberg was for an adjusted loss of $1.05 a share.
Same-store sales may have slid 10 percent, more than the previously expected 8 percent drop, Greenberger said.
To contact the reporter on this story: Lindsey Rupp in New York at
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To contact the editor responsible for this story: Robin Ajello at
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