BloggingStocks

Earnings highlights: Abercrombie, Macy's, Kohl's, Sirius, UBS, Wachovia and others

Trey Thoelcke — 2008-08-16T09:40:00+00:00

Filed under: Earnings reports, Sirius Satellite Radio (SIRI), Kohl's Corp (KSS), Wachovia Corp (WB), Abercrombie and Fitch (ANF), Nordstrom, Inc (JWN)

Here are some highlights from this past week's earnings coverage from BloggingStocks:

Abercrombie & Fitch Co. (NYSE: ANF) posted solid Q2 results despite touch economic conditions.
Apollo Management LP swung to a net loss on a write down and litigation, but is on track for an IPO.
Cree Inc. (NASDAQ: CREE) beat analysts' expectations and raised its revenue guidance.
Dr Pepper Snapple Group Inc. (NYSE: DPS) beat earnings estimates and raised its full-year guidance.
4Kids Entertainment Inc. (NYSE: KDE) widened its Q2 net loss more than analysts had anticipated.
Kohl's Corp. (NYSE: KSS) topped Q2 expectations and raised its full-year guidance.
Lions Gate Entertainment Corp. (NYSE: LGF) unexpectedly swung to a Q1 profit as revenues soared.
Macy's Inc. (NYSE: M) beat Q2 expectations despite lower sales, and warned of weakness ahead.
Napster Inc. (NASDAQ: NAPS) Q1 net loss matched the previous quarter and the year-ago loss.
Nordstrom Inc. (NYSE: JWN) beat Q2 expectations despite a drop in earnings and lowered its guidance.
Sirius XM Radio Inc. (NASDAQ: SIRI) CEO predicted post-merger earnings next year.
Thomson Reuters Corp. (NYSE: TRI) Q2 profit fell while revenue soared, but still missed estimates.
UBS (NYSE: UBS) dismal Q2 results were accompanied by speculation of breaking up the bank.
Wachovia (NYSE: WB) revised its Q2 loss to include auction rate securities settlements.

Also, Jim Cramer warns against bearishness on the financials and also suggests that the collapse of commodities will buoy earings.

For more highlights from this week, see: Wal-Mart, JCPenney, MBIA, Deere, Applied Materials and others

Upcoming quarterly reports include Lowe's (NYSE: LOW), Home Depot (NYSE: HD), Hewlett-Packard (NYSE: HPQ), Target (NYSE: TGT), La-Z-Boy (NYSE: LZB), Saks (NYSE: SKS), BJ's Wholesale (NYSE: BJ), Limited Brands (NYSE: LTD), Barnes & Noble (NYSE: BKS), Burger King (NYSE: BKC), Gap (NYSE: GPS), Heinz (NYSE: HNZ), and Intuit (NASDAQ: INTU).

Visit AOL Money & Finance for more earnings coverage.

Permalink | Email this | Linking Blogs | Comments

Nordstrom and JCPenney beat earnings estimates despite profit drops, tough economy

Trey Thoelcke — 2008-08-15T18:10:00+00:00

Filed under: Earnings reports, Penney (J.C.) (JCP), Nordstrom, Inc (JWN)

On Thursday, upscale retailer Nordstrom Inc. (NYSE: JWN) reported a 21% decline in second-quarter earnings, and on Friday, JCPenney Co. Inc. (NYSE: JCP) reported a 36% decline in second-quarter earnings, as consumers continued to pull back on spending in the tough economy.

The Seattle-based Nordstrom said that it earned $143 million, or 65 cents per share, in the quarter ended Aug. 2, compared to $180 million, or 71 cents per share, in the same period of the previous year. Total sales fell 4.3% to $2.29 billion. Analysts surveyed by Thomson Reuters had expected earnings of 64 cents per share on revenue of $2.31 billion.

Nordstrom also reported a 6% drop in same-store sales and said that results would continue to be challenging. The company said it now expects earnings per share for its fiscal year to be between $2.55 to $2.65 per share. That's down from the previous forecast of $2.65 to $2.80 per share. Analysts surveyed by Thomson Reuters expect net income of $2.68 per share for the year.

Shares rose 4.37% Friday to close at $31.54. Shares are down 14.1% year to date.

Plano, Texas-based department store chain JCPenney reported that it earned $117 million, or 52 cents per share, in the quarter ended Aug. 2, compared with $182 million, or 81 cents per share, a year ago. Total revenues fell 2.5% to $4.28 billion, as same-store sales fell 4.3%. Analysts surveyed by Thomson Reuters had expected a profit of 50 cents per share on revenue of $4.28 billion.

JCPenney likewise warned of the "difficult consumer environment" and said it expects earnings in the current quarter to be between 70 cents and 75 cents per share. Analysts forecast a profit of 76 cents per share.

Shares rose 8.44% Friday to close at $39.94. Shares are down 9.2% year to date.

Visit AOL Money & Finance for more earnings coverage.

Permalink | Email this | Linking Blogs | Comments

Before the bell: Futures climb with dollar as oil declines; ADSK, KSS, JWN, ANF, JCP, MBI, ABK, MER ...

Melly Alazraki — 2008-08-15T08:18:00+00:00

Filed under: Before the bell, Earnings reports, Deals, Google (GOOG), Apple Inc (AAPL), Dell (DELL), Berkshire Hathaway (BRK.A), Market matters, Penney (J.C.) (JCP), Merrill Lynch (MER), Kohl's Corp (KSS), Abercrombie and Fitch (ANF), Economic data, Nordstrom, Inc (JWN), Oil, Union Pacific Corporation (UNP), MBIA Inc (MBI)

U.S. stock futures were higher Friday morning, indicating stock markets could possibly extend Thursday's rally as the dollar rose and oil prices fell further. The dollar continues to make gains on the back of growing evidence of global economic softness. Still, several economic readings are due out today, including the New York Empire State manufacturing index , capacity utilization and industrial production -- all before the opening bell.

Retail will be in focus today after two Kohl's Corp (NYSE: KSS) and Nordstrom (NYSE: JWN) reported late Thursday, and J.C. Penney (NYSE: JCP) and Abercrombie & Fitch (NYSE: ANF) are due to report before the opening bell.

Kohl's Corp shares could start higher as premarket indication has them trading 2.3% higher, while Nordstrom's are trading 4% lower in premarket action. Kohl's quarterly profit fell 12% from a year ago, but the retailer lifted its fiscal year profit forecast. Meanwhile, upper scale Nordstrom, reported a 21% drop in second-quarter profits and cut full year outlook.

ANF said second-quarter profit fell on lower sales of jeans and T-shirts and forecast full-year earnings per share that trailed some analysts' estimates. JCP also saw profit decline but beat estimates and issued lower guidance.

Autodesk (NASDAQ: ADSK) shares are trading 10% higher in premarket action after the design software maker reported stronger-than-forecast second-quarter earnings Thursday after the close.

Bond insurers MBIA (NYSE: MBI) and Ambac (NYSE: ABK) spiked 7.7% and 16.2% respectively premarket after Standard & Poor's affirmed its AA credit rating on the two companies and said further downgrades were unlikely.

Berkshire Hathaway (NYSE: BRK.A), the investment firm run by billionaire Warren Buffett, revealed a stake in the energy wholesaler NRG Energy (NYSE: NRG) and acquired additional shares of train operator Union Pacific (NYSE: UNP). NRG is climbing 5.7% in premarket trading.

Merrill Lynch (NYSE: MER) will institute a hiring freeze for the remainder of 2008, and will avoid paying UK taxes for decades after it charged $29 billion of losses to its London-based subsidiary, the Financial Times wrote.

Republic Services (NYSE: RSG) overnight rejected the takeover bid from Waste Management (NYSE: WMI), saying its proposed merger with Allied Waste Industries (NYSE: AW) is more favorable. It also is declining to have discussions and negotiations with Waste Management.

BuisnessWeek has an interesting article on the man Dell Inc. (NASDAQ: DELL) has put in charge of its entry to the digital entertainment market. The former Apple Inc. (NASDAQ: AAPL) executive will try to overtake Apple's dominant hold of the market.

The New York Times reports that T-Mobile will be the first carrier to offer a mobile phone powered by Google (NASDAQ: GOOG)'s Android software.

Permalink | Email this | Linking Blogs | Comments

Option Update: Nordstrom and Red Robin volatility up into EPS

Paul Foster — 2008-08-14T09:11:00+00:00

Filed under: Options, Nordstrom, Inc (JWN)

Nordstrom (NYSE: JWN) is expected to report Q2 EPS today after the market close. JWN August 30 straddle is priced at $2.90, September 30 is at $4.40. JWN September option implied volatility of 58 is above its 26-week average of 52 according to Track Data, suggesting larger price movement.

Red Robin Gourmet (NASDAQ: RRGB) is scheduled to report Q2 EPS today. RRGB August 30 straddle is priced at $2.60, September is at $5.15. RRGB September option implied volatility of 64 is above its 26-week average of 52 according to Track Data, suggesting larger price movement.

Heelys (NASDAQ: HLYS) is recently up 68 cents to $5.55 in pre-open trading. Skechers (NYSE: SKX) made an acquisition proposal to acquire HLYS for $5.25 per share ($142 million) in cash. HLYS, wheel-in-the-heel footwear marketer, closed at closed at $4.87. HLYS traded at a record high of $40.09 in February 2007. HLYS over all option implied volatility of 77 is near its 26-week average according to Track Data, suggesting non-directional price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Permalink | Email this | Linking Blogs | Comments

Nordstrom plans to open new store at Santa Monica Place

Eliza Popescu — 2008-07-16T17:59:00+00:00

Filed under: Deals, Consumer experience, Competitive strategy, Nordstrom, Inc (JWN)

If you are addicted to fashion, then I have good news that should brighten your shopping days. Macerich Co. (NYSE: MAC) announced Tuesday that retailer Nordstrom Inc. (NYSE: JWN) will become the anchor at Santa Monica Place after the mall reopens.

The mall itself, which is scheduled to reopen in the fall of 2009, is seeing a major renovation from an enclosed shopping center to a three-level, 550,000-square-foot open-air retail plaza linking to the Third Street Promenade.

Leading fashion specialty retailer Nordstrom has signed a letter of intent to open a three-level, 122,000-square-foot store in the fall of 2010. "The extraordinary appeal of Nordstrom is a great match for this exceptional market, and for what we believe will be a one-of-a-kind retail project two blocks from the beach in downtown Santa Monica," Randy Brant, executive vice president, real estate, for Macerich stated.

The plan for the Nordstrom store at Santa Monica Place was one of three Nordstrom deals at Macerich properties . Nordstrom also revealed plans to relocate its Cerritos store at Los Cerritos Center shopping center to a new location in the center and build a new 138,000-square-foot two-level store, scheduled to open in spring 2010. The company also announced it plans to remodel and expand its Broadway Plaza store at Walnut Creek in Northern California.

Eliza Popescu is a financial writer for the online investment advisory service Investor's Observer.

Permalink | Email this | Linking Blogs | Comments

Earnings highlights: GE, Alcoa, Marriott, Pepsi Bottling, Wal-Mart, Boeing and others

Trey Thoelcke — 2008-07-12T12:40:00+00:00

Filed under: Earnings reports, Forecasts, General Electric (GE), Wal-Mart (WMT), Alcoa Inc (AA), Boeing Co (BA), Family Dollar Stores (FDO), Office Depot (ODP), Wachovia Corp (WB), Merck and Co (MRK), Marriott Intl'A' (MAR), Nordstrom, Inc (JWN)

Here are some highlights from this past week's earnings coverage from BloggingStocks:

Alcoa Inc. (NYSE: AA) Q2 earnings decline on materials costs but beat analysts estimates (see transcript).
Apollo Group Inc. (NASDAQ: APOL) solid Q3 results were accompanied by a share buyback program.
Boeing Co. (NYSE: BA) warned that Q2 results will include a delay-related charge of 22 cents per share.
Cash America International Inc. (NYSE: CSH) predicted Q2 earnings above previous guidance.
EZcorp Inc. (NASDAQ: EZPW) predicted better-than-expected Q3 results due to strong sales.
Family Dollar Stores Inc. (NYSE: FDO) beat Q3 expectations and raised its Q4 guidance.
Flow International Corp. (NASDAQ: FLOW) swung to a better-than-expected Q4 profit on strong demand.
General Electric Co. (NYSE: GE) reported mixed Q2 results and offered an uninspiring Q3 outlook (transcript).
Helen of Troy Ltd. (NASDAQ: HELE) Q1 results were colored by write-downs and other charges.
International Speedway Corp. (NASDAQ: ISCA) Q2 earnings soared while revenue slipped.
Levis Strauss Q2 profitability plunged due to declining sales and higher administrative costs.
Marriott International Inc. (NYSE: MAR) topped Q2 estimates but lowered its guidance (see transcript).

Merck & Co. (NYSE: MRK) was downgraded by a UBS analyst due to its earnings prospects.
Nordstrom Inc. (NYSE: JWN) lowered its Q2 guidance after slow June same-store sales.
Office Depot Inc. (NYSE: ODP) decline in same-store sales cast doubt on its Q2 earnings forecast.
Pepsi Bottling Group Inc. (NYSE: PBG) posted solid Q2 results that beat earnings expectations.
PriceSmart Inc. (NASDAQ: PSMT) Q3 earnings more than doubled on higher revenue and a settlement.
QLogic Corp. (NASDAQ: QLGC) boosted its Q1 guidance, resulting in an analyst's upgrade.
Rocky Mountain Chocolate Factory Inc. (NASDAQ: RMCF) posted Q1 results without full-year guidance.
Ruby Tuesday Inc. (NYSE: RT) forecast full-year earnings 40% higher than Wall Street estimates.
Wachovia Corp. (NYSE: WB) warned of a larger-than-expected Q2 loss as it introduced its new CEO.
Wal-Mart Stores Inc. (NYSE: WMT) raised its Q2 guidance after strong same-store sales in June.
Wolverine World Wide Inc. (NYSE: WWW) reported its 24th straight quarter of record profits.

The earnings crunch begins again next week. Among the many companies scheduled to report are Citigroup Inc. (NYSE: C), Coca-Cola Co. (NYSE: KO), Delta Air Lines Inc. (NYSE: DAL), eBay Inc. (NASDAQ: EBAY), Gannett Inc. (NYSE: GCI), Google Inc. (NASDAQ: GOOG), Harley-Davidson Inc. (NYSE: HOG), Intel Corp. (NASDAQ: INTC), Johnson & Johnson (NYSE: JNJ), JPMorgan Chase & Co. (NYSE: JPM), Mattel Inc. (NYSE: MAT), Microsoft Corp. (NASDAQ: MSFT), Safeway Inc. (NYSE: SWY), United Technologies Corp. (NYSE: UTX), and Wells Fargo & Co. (NYSE: WFC).

Visit AOL Money & Finance for more earnings coverage.

Permalink | Email this | Linking Blogs | Comments

Discount merchants benefit from high sales in June

Eliza Popescu — 2008-07-11T15:50:00+00:00

Filed under: Forecasts, Products and services, Consumer experience, Wal-Mart (WMT), Costco Wholesale (COST), Economic data, Nordstrom, Inc (JWN)

Some of the country's largest retail chains had good June sales, benefitting from consumers looking for a place to spend their tax rebates, but this was not the case for higher-priced department stores. Retailers offering big discounts were among the privileges ones as consumers chose to stay away from high prices.

Consumers spent on the basics, looking for bargains, boosting sales at some companies like Wal-Mart (NYSE: WMT), but resulting in losses for the others like Nordstrom (NYSE: JWN) and American Eagle (NYSE: AEO). This confirmed that retailers will face further weak demand even during the back-to-school shopping season, and more deep discounts will be needed.

As June is considered a key month for sales, merchants were hoping for a "stimulus" effect from tax rebates, despite worries tied to soaring gasoline and food costs. However, only companies offering cheaper gas like Wal-Mart, Costco (NASDAQ: COST) and BJ's Wholesale Club (NYSE: BJ) saw their dreams accomplished. Thus, Wal-Mart came with June sales growth of 4.3%, Costco reported a 9% increase in June same-store sales, while BJ's Wholesale saw a growth of 16.5%.

Making some comments on this unpleasant situation, retail consultant Kurt Barnard believes department stores are the only ones responsible for these negative results.

"They treat the consumer to the same things they have treated them to in past months and years. That's particularly unfortunate because in a down economy, consumers must be given an incentive to break through the barrier that dictates 'Don't spend" Barnard stated in an article in today's Chicago Tribune.

For now it looks like any hope of a quick rebound in consumer spending is not going to happen. With the market dealing with factors such as the slumping economy and anxious consumers, it just does not seem likely that we are going to see a market wide pick up in retail sales over the rest of this year, especially in the higher-end retail stores.

Consumers are definitely expressing their concerns on the overall economy through their shopping habits. Discount and bargain retailers should continue to see their sales stay moderately level, but the more specialty high-end retailers are definitely going to have their work cut out for them.

How have your shopping habits been altered over the past year? Do you continue to do your shopping in the same locations, or have you, like many others, started looking more for the bargains out there when you head to the stores?

Eliza Popescu is a financial writer for the online investment advisory service Investor's Observer.

Permalink | Email this | Linking Blogs | Comments

Nordstrom (JWN) tumbles on earnings warning, June sales

Brent Archer — 2008-07-10T14:26:00+00:00

Filed under: Major movement, Forecasts, Bad news, Industry, Options, Technical Analysis, Nordstrom, Inc (JWN)

Nordstrom (NYSE: JWN) shares are falling today after the company reported its June same-store sales fell 18.6 percent, hurt by a May sales event that cut into June sales. The numbers fell in line with analysts' estimates, but JWN also warned investors that its second-quarter earnings will likely fall on the low end or slightly below its 65 to 60 cents per-share forecast. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on JWN.

After hitting a one-year high of $53.47 in August, the stock hit a one-year low of $28.00 in January. This morning, JWN opened at $29.75. So far today the stock has hit a low of $27.69 and a high of $30.15. As of 12:10, JWN is trading at $28.90, down 2.34 (-7.5%). The chart for JWN looks neutral but deteriorating, while S&P gives the stock a neutral 3 STARS (out of 5) hold rating.

For a bearish hedged play on this stock, I would consider an August bear-call credit spread above the $35 range. A bear-call credit spread is an options position that combines the purchase and sale of call options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 6.4% return in five weeks as long as JWN is below $35 at August expiration. Nordstrom would have to rise by more than 20% before we would start to lose money. Learn more about this type of trade here.

JWN has been above $35 as recently as early June but has shown resistance around $32.50 recently. This trade could be risky if the company's earnings (due out on 8/14) are a positive surprise, but even if that happens, this position could be protected by resistance JWN might find at its 50-day moving average, which is currently around $34 and falling.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in JWN.

Permalink | Email this | Linking Blogs | Comments

Earnings highlights: Wal-Mart, Macy's, Sony, Sprint, Sirius, Whole Foods and others

Trey Thoelcke — 2008-05-17T09:40:00+00:00

Filed under: Earnings reports, Wal-Mart (WMT), Home Depot (HD), XM Satellite Radio (XMSR), Sirius Satellite Radio (SIRI), Sprint Nextel Corp (S), Sony Corp ADR (SNE), Penney (J.C.) (JCP), Blockbuster Inc 'A' (BBI), Whole Foods Market (WFMI), Tiffany and Co (TIF), Amer Intl Group (AIG), Lowe's Cos (LOW), Kohl's Corp (KSS), Electronic Arts (ERTS), Nordstrom, Inc (JWN), Liz Claiborne (LIZ), Nissan Motors (NSANY)

Here are some highlights from this past week's earnings coverage from BloggingStocks:

AnnTaylor Stores Corp. (NYSE: ANN) sees Q1 profits beating estimates but reaffirmed the full-year outlook.
Blockbuster Inc. (NYSE: BBI) beat Q1 earnings expectations but fell short of revenue estimates.
Electronic Arts Inc. (NASDAQ: ERTS) posted strong Q4 and full-year results on titles such as Rock Band.
Fossil Inc. (NASDAQ: FOSL) forecast Q1 earnings just a penny below analysts' estimates.
IMAX Corp. (NASDAQ: IMAX) doubled its Q1 loss and missed Wall Street's expectations.
JC Penney Co. Inc. (NYSE: JCP) profits fell 50%, and it predicted trouble would continue through the year.
Kohl's Corp. (NYSE: KSS) posted a smaller-than-estimated Q1 profit decline and cut its full-year outlook.
Liz Claiborne Inc. (NYSE: LIZ) swung to a Q1 loss on restructuring but beat analysts' expectations.
Lumber Liquidators Inc. (NYSE: LL) posted strong Q1 results despite the housing slump.
Macy's (NYSE: M) beat low Q1 expectations despite weak same-store sales.
Nissan Motor Corp. (NASDAQ: NSANY) Q4 profit surged but it warned of lower profits this year.
Nordstrom Inc. (NYSE: JWN) posted smaller-than-estimated Q1 profit decline and cut its full-year outlook.
Priceline.com Inc. (NASDAQ: PCLN) beat Q1 expectations due to increased bookings.
Sirius Satellite Radio Inc. (NASDAQ: SIRI) posted a narrower Q1 loss in line with expectations.
Sony Corp. (NYSE: SNE) swung to a Q4 profit but fell short of Wall Street estimates.
Sprint Nextel Corp. (NYSE: S) beat low Q1 estimates as its loss widened on charges and lost subscribers.
Tiffany & Co. (NYSE: TIF) projected beating Q1 earnings forecasts and raised its dividend.
Wal-Mart Stores Inc. (NYSE: WMT) posted Q1 profits up on international growth and bargain shoppers.
Whole Foods Market Inc. (NASDAQ: WFMI) Q2 profits fell due to the Wild Oats acquistion.
XM Satellite Radio (NASDAQ: XMSR) reported a bigger-than-expected Q1 loss and a surge in subscribers.

Also, after AIG's (NYSE: AIG) dismal results, International Lease Finance Corp. wants to be spun off from its parent. Analysts see JC Penney, Kohl's and the rest of the retail sector rebounding in the latter half of the year. Jim Cramer ponders some suprising responses to so-so earnings reports, and looks ahead to Lowe's (NYSE: LOW) and Home Depot (NYSE: HD) as a sign for the housing sector.

Other upcoming results to watch for include Campbell Soup (NYSE: CPB), Autozone (NYSE: AZO), Hewlett-Packard (NYSE: HPQ), Intuit (NASDAQ: INTU), Staples (NASDAQ: SPLS), Target (NYSE: TGT), Limited Brands (NYSE: LTD) The Gap (NYSE: GPS) and Barnes & Noble (NYSE: BKS).

Visit AOL Money & Finance for more earnings coverage.

Permalink | Email this | Linking Blogs | Comments

Nordstrom and Kohl's post smaller-than-expected Q1 profit declines

Trey Thoelcke — 2008-05-16T15:15:00+00:00

Filed under: Earnings reports, Kohl's Corp (KSS), Nordstrom, Inc (JWN)

On Thursday, Nordstrom Inc. (NYSE: JWN) and Kohl's Corp. (NYSE: KSS) both reported smaller-than-expected first-quarter profit declines as consumers continued to pull back their spending.

Luxury retailer Nordstrom said its profit fell 24% from the same quarter of last year to $119 million, or 54 cents per share. Revenue fell 4% from a year ago to $1.88 billion. Analysts surveyed by Thomson Financial had predicted Nordstrom would earn 49 cents per share on sales of $1.9 billion.

The company said same-store sales fell 6.5% for the quarter, below the expected 3% to 5% drop. The retailer said it expects same-store sales to fall 5% to 7% in the quarter, and 4% to 6% in the year.

For the current quarter, Nordstrom forecast a profit of 65 to 70 cents per share; analysts' forecast earnings of 69 cents per share. For the full year, Nordstrom cut its earnings outlook to $2.65 to $2.89 per share, from an earlier forecast for $2.75 to $2.90 per share. Analysts predict earnings of $2.76 per share.

By mid day Friday, shares of Nordstrom had gained $1.35, or 3.5%, from the open on Thursday. Shares have fallen 28.7% in the past year.

The Menomonee Falls, Wis.-based Kohl's department store chain said it earned $153 million, or 49 cents per share, during the quarter that ended May 3. That's down nearly 27% from the same period a year ago. Analysts surveyed by Thomson Financial, on average, expected earnings of 44 cents per share.

Sales rose 1.5% in the quarter to $3.6 billion, in line with analysts' estimates. However, same-store sales fell 6.7%.

Kohl's predicted earnings for the year would fall to a range of $2.95 to $3.15, compared to previously forecast earnings per share of $3.15 to $3.50. For the second quarter, Kohl's expects earnings per share to fall in a range of 70 cents to 74 cents, in line with analysts' expectations.

Shares of Kohl's fell to $49.50 in after-hours trading Thursday, and by mid day Friday had slipped to $48.30. Shares have fallen 32.9% in the past year.

Visit AOL Money & Finance for more earnings coverage.

Permalink | Email this | Linking Blogs | Comments

Analyst downgrades: Department store sector, SNDK and CNET

Eric Buscemi — 2008-05-16T11:38:00+00:00

Filed under: Analyst reports, Analyst upgrades and downgrades, Penney (J.C.) (JCP), Regions Financial (RF), Kohl's Corp (KSS), Nordstrom, Inc (JWN), SanDisk Corp (SNDK)

MOST NOTEWORTHY: The Department store sector, SanDisk and CNET Networks were today's noteworthy downgrades:

Goldman downgraded the department store sector to Neutral from Attractive after raising its 2008 oil forecast to $149 from $115, as it believes higher gas prices will impact consumer discretionary spend and sentiment. Goldman downgraded JC Penney (NYSE: JCP) and Nordstrom (NYSE: JWN) to Neutral and also removed Kohl's (NYSE: KSS) from its Conviction Buy List.
JMP Securities downgraded SanDisk (NASDAQ: SNDK) to Underperform from Market Perform based on increased competition in NAND, a potential decline in royalty income, valuation, and lack of catalysts from flash-based solid state drives.
CNET Networks (NASDAQ: CNET) was cut to Neutral from Buy at Banc of America following the tender offer from CBS (NYSE: CBS).

OTHER DOWNGRADES:

Merrill downgraded Regions Financial (NYSE: RF) to Sell from Neutral.
B. Riley downgraded Exar (NASDAQ: EXAR) to Neutral from Buy.
Albermarle (NYSE: ALB) was lowered to Neutral from Overweight at JP Morgan.

Permalink | Email this | Linking Blogs | Comments

Before the bell: JCP, WMT, AAPL, GM, GOOG, MSFT ...

Melly Alazraki — 2008-05-16T08:14:00+00:00

Filed under: Before the bell, Analyst reports, Analyst upgrades and downgrades, Google (GOOG), Microsoft (MSFT), Yahoo! (YHOO), Apple Inc (AAPL), Wal-Mart (WMT), General Motors (GM), Toyota Motor Corp. (TM), Penney (J.C.) (JCP), Kohl's Corp (KSS), Nordstrom, Inc (JWN)

Before the bell: Futures higher ahead of housing data

Goldman Sachs cut its view of U.S. department stores to Neutral from Attractive. Specifically, the broker downgraded J.C. Penney (NYSE: JCP) and Nordstrom Inc. (NYSE: JWN) to Neutral from Buy after its commodity team upped 2008 oil price forecasts to $149 a barrel.
Still, Goldman upgraded TJX Cos. (NYSE: TJX) to Buy from Neutral and removed Kohl's Corp. (NYSE: KSS) from its conviction-buy list in favor of Wal-Mart Stores Inc. (NYSE: WMT).

By now I'm getting confused with all the deals Apple Inc. (NASDAQ: AAPL) is signing with wireless operators to sell the iPhone in different countries around the world. I believe the past two weeks we heard of at least two deals, including one with a S.Korean company. Today, French wireless operator Orange said it has signed a deal to sell its iPhone in the Middle East, Africa and several European countries. Orange will be the exclusive iPhone provider in Belgium and Romania. It seems that by now Apple's got the world covered.

General Motors Corp. (NYSE: GM) is apparently considering launching its Chevrolet brand in South Korea. In its attempt to stay ahead of fast growing Toyota (NYSE: TM), GM will try to capture a larger share of S.Korea's growing market for imported cars.

As Yahoo! (NASDAQ: YHOO) is trying to keep Icahn off its board back, it keeps talking about a search advertising partnership with Google Inc (NASDAQ: GOOG), according to a Reuters source.

And Microsoft (NASDAQ: MSFT) also keeps to other business these times. The software giant joined The One Laptop Per Child project as the green-and-white "XO" computers now can run Windows in addition to their homegrown Linux-based interface. This could further the cause of the organization.

Permalink | Email this | Linking Blogs | Comments

Early analyt calls (JCP) (COST) (SNDK)

Douglas McIntyre — 2008-05-16T07:41:00+00:00

Filed under: Before the bell, Analyst upgrades and downgrades, Penney (J.C.) (JCP), Costco Wholesale (COST), Nordstrom, Inc (JWN), SanDisk Corp (SNDK)

Goldman Sachs cut the ratings on J.C. Penney (NYSE:JCP) and Nordstrom (NYSE:JWM) from "buy" to "neutral" due to the rising price of oil, according to MarketWatch.

Morgan Stanley began CostCo (NASDAQ:COST) at "equal weight" according to Briefing.com. The news service also reports that JPM downgraded Sandisk (NASDAQ:SNDK) from "market perform" from "underperform".

Douglas A. McIntyre is an editor at 247wallst.com.

Read | Permalink | Email this | Linking Blogs | Comments

Before the bell: Futures higher ahead of housing data

Melly Alazraki — 2008-05-16T07:35:00+00:00

Filed under: Before the bell, Earnings reports, Deals, Microsoft (MSFT), Yahoo! (YHOO), Market matters, Kohl's Corp (KSS), Abercrombie and Fitch (ANF), Economic data, Nordstrom, Inc (JWN), Housing

U.S. stock futures were higher this morning, looking to extend their rally, even though investors will likely not like the upcoming housing data, which probably isn't going to signal a bottom for the housing recession.

U.S. stocks had a nice rally Thursday as oil prices fell, several deals were announced, mainly CBS buying CNet, and Icahn moving forward with his proxy fight for Yahoo's board. The Dow industrials rose 94 points, or 0.73%, the S&P 500 added 14 points, or 1.06%, and the Nasdaq Composite rose 37 points, or 1.48%. Thursday marked the fourth day of gains for the Nasdaq.

This morning, investors will be waiting for the housing data to roll in. Housing starts and building permits figures for April will be reported at 8:30 a.m. EDT. Both are expected to show further declines.
Also at 10:00 a.m. EDT, May University of Michigan's consumer confidence gauge for May is due. Economists expect it to decline marginally.

Meanwhile, Goldman Sachs helped lift oil prices this morning after it raised its forecast for oil to $141 a barrel. The forecast was raised 32% from $107 a barrel and is for the second half of 2008. Oil prices were back above $125 a barrel.

Yahoo! (NASDAQ: YHOO) will continue to be in the spot light after it responded late Thursday to Icahn's nomination of board members. Billionaire investor Carl Icahn is trying to gain control of the internet company's board so it could resume takeover talks with Microsoft (NASDAQ: MSFT). In response, Yahoo! said it would fight Icahn's attempts.

Abercrombie & Fitch (NYSE: ANF) is due to report quarterly results. Other retailers in focus this morning are Kohl's Corp. (NYSE: KSS) and Nordstrom (NYSE: JWN). Both reported after the close Thursday, posting double- digit declines in fiscal first-quarter net income and cut their earnings forecasts for the fiscal year.

Permalink | Email this | Linking Blogs | Comments

Before the bell: Futures higher as investors await data

Melly Alazraki — 2008-05-15T07:37:00+00:00

Filed under: Before the bell, Earnings reports, Deals, Microsoft (MSFT), Yahoo! (YHOO), General Electric (GE), Market matters, Penney (J.C.) (JCP), Blockbuster Inc 'A' (BBI), Kohl's Corp (KSS), Economic data, Nordstrom, Inc (JWN), Blackstone Group L.P (BX)

U.S. stock futures were marginally higher early Thursday morning as once again investors await data on the economy to give them direction. Several deals and earnings are also in the spot light this morning.

U.S. stocks received a boost Wednesday from lower-than expected inflation numbers, given extra credence by the fall in crude-oil prices. While most companies reporting earnings Wednesday didn't proved good news, a smaller-than-forecast loss for Freddie Mac helped lift sentiment. The Dow industrials rose 66 points, or 0.52%, the S&P 500 rose 6 points, or 0.40%, and the Nasdaq Composite edged up more than a point, or 0.06%.

This morning, more inflation data is due out. Consumer level inflation reported Wednesday managed to surprise the Street, but can the economic releases today do the same?
At 8:30 a.m., weekly initial jobless claims will be released, as well as May NY Empire State Index.
At 9:00 a.m., March Net Foreign Purchases will be reported to be followed some time later with April capacity utilization and industrial production.
At 10:00 a.m., after the market opens, the Philadelphia Fed index is due and is expected to show another decline.
Finally, a housing index is also due today.

Meanwhile, despite recent signs of a global slowdown, in Europe, economic growth accelerated more than forecast in the first quarter thanks to the strongest German expansion in 12 years. This data would seem to support the European Central Bank more hawkish stance and its decision to keep rates unchanged in an attempt to stall inflation, which Trichet, the ECB president, more than once mentioned as a global risk.

On the corporate side, The Wall Street Journal reported late Wednesday that General Electric (NYSE: GE) plans to sell its appliance division for between $5 billion and $8 billion

Meanwhile, billionaire activist investor Carl Icahn decided to try and overtake Yahoo Inc. (NASDAQ: YHOO)'s board, to at least scare it into action and revive negotiations with Microsoft Corp. (NASDAQ: MSFT). Icahn has lined up a slate of 10 directors to nominate as replacements.

Among companies reporting today are Blackstone Group (NYSE: BX), Blockbuster (NYSE: BBI) and several retailers: Nordstrom (NYSE: JWN), Kohl's Corp. (NYSE: KSS) and J.C. Penney (NYSE: JCP).

Permalink | Email this | Linking Blogs | Comments

Earnings expectations for JC Penney, Nordstrom, Macy's, Abercrombie and others

Trey Thoelcke — 2008-05-10T13:40:00+00:00

Filed under: Earnings reports, Forecasts, Wal-Mart (WMT), Penney (J.C.) (JCP), Kohl's Corp (KSS), Abercrombie and Fitch (ANF), Nordstrom, Inc (JWN), Urban Outfitters (URBN)

The earnings season continues to roll on, and next week's results offer a peek at the state of fashion retailing, as a variety of companies -- from the discount to the upscale, from the hip to the pedestrian -- are scheduled to report earnings.

Analysts surveyed by Thomson Financial expect earnings growth, compared to the same period in the previous year, from Urban Outfitters (NASDAQ: URBN) to be 22.7% to 22 cents per share, from Wal-Mart Stores (NYSE: WMT) to be 9.3% to 75 cents per share, and from TJX Companies (NYSE: TJX) to be 7.5% to 40 cents per share.

Analysts expect earnings declines from the previous year from JC Penney (NYSE: JCP) by 52.9% to 49 cents per share, from Kohl's (NYSE: KSS) by 34.4% to 42 cents per share, and from Nordstrom (NYSE: JWN) by 18.3% to 49 cents per share.

In the case of Abercrombie & Fitch (NYSE: ANF), analysts expect earnings to remain flat, year over year, at 65 cents per share.

And then there's Macy's (NYSE: M), which is expected to swing to a loss of 2 cents per share, compared to a profit of 16 cents a year ago.

The sample size may be too small to define any significant trends, but the numbers do suggest that analysts expect profit declines to be deeper than profit growth, and that consumers may be more likely, given the current state of the economy, to buy clothes at Wal-Mart or TJ Maxx than at Nordstrom or Abercrombie.

The coming results will reveal if those expectations are correct.

Permalink | Email this | Linking Blogs | Comments

Analyst upgrades: SCOR, DRE, JWN and SUNH

Eric Buscemi — 2008-05-02T10:55:00+00:00

Filed under: Analyst reports, Analyst upgrades and downgrades, Wal-Mart (WMT), Nordstrom, Inc (JWN), Jones Apparel Group (JNY)

MOST NOTEWORTHY: ComScore, Duke Realty, Nordstrom and Sun Healthcare were among today's noteworthy upgrades:

ComScore (NASDAQ: SCOR) was upgraded to Outperform from Perform at Oppenheimer to reflect the strong Q1 report and strong customer additions.
Duke Realty (NYSE: DRE) was upgraded to Outperform from Market Perform at Wachovia upgraded based on valuation.
Nordstrom (NYSE: JWN) was upgraded to Outperform from Neutral at Credit Suisse.
Sun Healthcare (NASDAQ: SUNH) was upgraded to Outperform from Market Perform at Friedman Billings based on valuation and notes the Medicare rate cuts will be as drastic as feared.

OTHER UPGRADES:

MedAssets (NASDAQ: MDAS) was upgraded to Buy from Neutral at Piper, which thinks the company's acquisition of Accuro will strengthen its revenue cycle management offering, and the firm believes the tight credit markets make the company's MedAssets a compelling product in the short-term. In addition, Piper notes that the company has recently had success with large hospital systems.
Jones Apparel (NYSE: JNY) was upgraded to Buy from Neutral at Merrill citing sales expectations for the l.e.i. brand at Wal-Mart (NYSE: WMT) and margin improvements from leaner inventories.
Affiliated Computer (NYSE: ACS) was upgraded to Buy from Hold at Jefferies based on valuation and expectations for better bookings.

Permalink | Email this | Linking Blogs | Comments

Cramer on BloggingStocks: Retail's worrisome rally

Jim Cramer — 2008-04-03T09:10:00+00:00

Filed under: Wal-Mart (WMT), Market matters, Target Corp. (TGT), Best Buy (BBY), Nordstrom, Inc (JWN), Stocks to Buy, Stocks to Sell, Cramer on BloggingStocks, Recession

TheStreet.com's Jim Cramer says the downside for these stocks is smaller, but they won't be his first line of defense.

You should not get oil ramping and retail ramping. You can't have early-cycle running and commodities running, even though I know that commodities are a "rest of world" story.

I believe that Wal-Mart (NYSE: WMT) (Cramer's Take) can run, but the others? I have to say that if oil isn't going down, these stocks will have a failed rally and retreat again, but not below their recent lows.

The early-cycle rally of the higher-end retailers is the most problematic, because it is the least backed by the estimates. Look how excited everyone was about Best Buy (NYSE: BBY) and now look how poorly it is trading. Nordstrom (NYSE: JWN) (Cramer's Take) and Target (NYSE: TGT) (Cramer's Take) should get hammered again for a couple of points, because the numbers for March are going to be awful.

Can you be nimble enough? If you can't, don't bother. These stocks will no longer fold as they have: too cheap with $600 coming at consumers and easy comparisons.

But I can't say they would be my first line of defense for when this rally ends, and remember: the last time we were overbought, we got a 1,500-point decline.

I expect less. However, wouldn't you like to sidestep that one?

RELATED LINKS:

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer had no positions in the stocks mentioned.

Permalink | Email this | Linking Blogs | Comments

Retail sales, especially Nordstrom, as economic barometer

Joseph Lazzaro — 2008-03-31T12:06:00+00:00

Filed under: Penney (J.C.) (JCP), Kohl's Corp (KSS), Nordstrom, Inc (JWN), Recession

What's a tell-tale sign of a recession, and conversely, an indicator investors/readers should monitor to spot when the recovery has started? Retail sales -- particularly at department stores.

Most retailers will report March 2008 same-store sales this week, and Wall Street is bracing for the worst. In January 2008 and February 2008, same-store sales declined at nearly every major department store, including JC Penney (NYSE: JCP), Macy's (NYSE: M), Kohl's (NYSE: KSS), Dillard's (NYSE: DDS) and Nordstrom (NYSE: JWN).

Further, investors should watch Nordstrom's same-store sales carefully. The reason? Upscale retailer Nordstrom is a type of quick-reference, or an economic-barometer-in-a-snapshot, of the depth of a recession. If retail sales decline at broader-demographic retailers for several consecutive months, that points to a recession. But if sales decline at upscale retailer Nordstrom, that's a sign that even those with higher incomes and substantial assets are cutting back, which is a bad sign for the economy.

Nordtstrom's customers include professionals, executives and business owners -- including people who make hiring decisions. If they're cutting back, that may indicate they will not be hiring in the period ahead, which is never good news for the economy. Invariably, it means the recession's end is not near.

In Q4 2007, Nordstrom's sales fell 4.4% and earnings per share fell for the first time in more than five years to 92 cents per share. If Nordstrom's same-store sales decline again in March, that's a sign of continued belt-tightening by upper-middle and upper-income adults, and a sign that an economic recovery is not near.

Permalink | Email this | Linking Blogs | Comments