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02/24/17 12:00:08 PM
MARKET MOVERS

Movers: J. C. Penney Company, Inc., Hewlett Packard Enterprise Company, NVIDIA Corporation

J. C. Penney Company, Inc.(JCP) : J.C. Penney Co. announced Friday it will close between 130 and 140 stores in coming months after disappointing revenue. It will also close a Florida distribution center and a supply chain facility in California. A company statement said it will begin a voluntary retirement program for about 6,000 eligible employees. The locations of the stores to be closed were not revealed, but the locations represent about 14 percent of Penney's stores; they produce 5 percent of the revenue. Most closings will occur in the second quarter of 2017. Fourth-quarter earnings in 2016 topped expectations, but revenue and same-store figures were disappointing. Earnings per share were 64 cents per share in the fourth quarter; revenue was $3.96 billion and sales growth per store fell by 0.7 percent. In the previous year's fourth quarter, Penney reported earnings of 39 cents per share on $4 billion in revenue. The announcement Friday was the first evidence of long-expected changes to improve company retail operations and increase profitability.



Hewlett Packard Enterprise Company(HPE) : NEW YORK U.S. stocks are falling Friday morning as investors again look for safer places to put their money. Business technology company Hewlett Packard Enterprises is falling after it announced weak sales. Bond prices are dropping and yields rising. That's sending interest rates lower, which hurts banks. Industrial companies are also down, while high-dividend stocks are rising. KEEPING SCORE: The Dow Jones industrial average lost 34 points, or 0.2 per cent, to 20,776 as of 10:03 a.m. Eastern time. The Standard & Poor's 500 index fell 6 points, or 0.2 per cent, to 2,358. The Nasdaq composite sank 17 points, or 0.3 per cent, to 5,818. The Russell 2000 index, which tracks smaller companies, slid 6 points, or 0.4 per cent, to 1,388. Major indexes have been mixed this week, but the blue-chip Dow average has risen for 10 days in a row. BONDS: Bond prices sank again. The yield on the 10-year Treasury note slid to 2.34 per cent from 2.39 per cent. That pushes interest rates lower, which means banks make less money on mortgages and other loans. Wells Fargo slipped 67 cents, or 1.2 per cent, to $57.82 and Lincoln National lost $1.05, or 1.5 per cent, to $70.62. Smaller banks like Home BancShares and Signature Bank also fell. With yields down, investors bought phone company and utility stocks, which pay large dividends similar to bonds. AT&T rose 30 cents to $42.25 and American Electric Power gained $1.02, or 1.5 per cent, to $67.03. HPE Hurting: Hewlett Packard Enterprise, which sells data-centre hardware and other commercial tech gear to big organizations, slumped after cutting its profit estimate for the year. It named several problems including the strong dollar, expenses, and other problems that it said will be "near-term." The company's quarterly sales dropped 10 per cent and weren't as strong as analysts hoped. Its stock skidded $2.23, or 9 per cent, to $22.43. Chipmakers and other technology companies also lost ground. PENNY IN FOR A POUNDING: Department store operator J.C. Penney said it will close 130 to 140 stores and two distribution centres in the next few months. That's about 14 per cent of its stores. Penney also said it will offer voluntary early retirement plans to about 6,000 employees. The company is trying to cut costs as it competes with online retailers. Its stock gave up 54 cents, or 7.9 per cent, to $6.32. PRISON COMPANIES KEEP SURGING: For-profit prison operator CoreCivic rose 73 cents, or 2.1 per cent, to $34.73 and Geo Group added $1.01, or 2.1 per cent, to $48.38. Late Thursday, Attorney General Jeff Sessions directed the federal Bureau of Prisons to continue doing business with private prison operators. That reversed an Obama administration policy that sent the stocks tumbling when it was announced in August. The companies operate detention facilities used by Immigration and Customs enforcement as well as prisons and they get about half their revenue from contracts with the federal government. Their stocks have soared since Donald Trump was elected president in November. Investors expected the Obama-era policy would be reversed and that Trump's policies toward immigration and criminal justice would strengthen their business. CoreCivic has climbed 140 per cent since the election and Geo Group has doubled in value. ENERGY: Benchmark U.S. crude oil fell 39 cents to $54.06 a barrel. Brent crude, the standard for pricing international oils, fell 41 cents to $56.41 a barrel in London. CURRENCIES: The dollar slid to 112.45 yen from 112.75 yen. The euro dipped to $1.0571 from $1.0574. OVERSEAS: France's CAC 40 slumped 1.2 per cent while the DAX in Germany fell 1.4 per cent. In Britain the FTSE 100 shed 0.7 per cent. Japan's benchmark Nikkei 225 lost 0.5 per cent and South Korea's Kospi fell 0.6 per cent. The Hang Seng of Hong Kong fell 0.5 per cent. ___ AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at http://bigstory.ap.org/journalist/marley-jay



NVIDIA Corporation(NVDA) : By a News Reporter-Staff News Editor at Economics Week -- According to news reporting originating from Washington, D.C., by VerticalNews journalists, a U.S. Securities and Exchange Commission (SEC) filing by Nvidia Corp. (Form 4) was posted on February 13, 2017. The SIC code for this company is 3674, Semiconductors and Related Devices. The SEC file number is 0001045810-17-000022. The contact information for this company is 2701 SAN TOMAS EXPRESSWAY, SANTA CLARA CA 95050, 408-486-2000. Our editors provided additional information about Form 4: Every director, officer or owner of more than ten percent of a class of equity securities registered under Section 12 of the '34 Act must file with the Commission a statement of ownership regarding such security. The initial filing is on Form 3 and changes are reported on Form 4. The Annual Statement of beneficial ownership of securities is on Form 5. The forms contain information on the reporting person's relationship to the company and on purchases and sales of such equity securities. A U.S. Securities and Exchange Commission filing is a formal document or financial statement submitted to the SEC by publicly-traded companies. For additional information on this SEC filing see: http://www.sec.gov/Archives/edgar/data/1197649/0001045810-17-000022-index.html. Keywords for this news article include: SEC Filing, Electronics, Nvidia Corp., Semiconductors and Related Devices. Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2017, NewsRx LLC



Sonic Automotive, Inc.(SAH) : By a News Reporter-Staff News Editor at Journal of Transportation -- According to news reporting originating from Washington, D.C., by VerticalNews journalists, a U.S. Securities and Exchange Commission (SEC) filing by Sonic Automotive Inc. (Form 4) was posted on February 14, 2017. The SIC code for this company is 5500, Retail Auto Dealers and Gasoline Stations. The SEC file number is 0001209191-17-010785. The contact information for this company is 4401 COLWICK ROAD, CHARLOTTE NC 28211, 704-566-2400. Our editors provided additional information about Form 4: Every director, officer or owner of more than ten percent of a class of equity securities registered under Section 12 of the '34 Act must file with the Commission a statement of ownership regarding such security. The initial filing is on Form 3 and changes are reported on Form 4. The Annual Statement of beneficial ownership of securities is on Form 5. The forms contain information on the reporting person's relationship to the company and on purchases and sales of such equity securities. A U.S. Securities and Exchange Commission filing is a formal document or financial statement submitted to the SEC by publicly-traded companies. For additional information on this SEC filing see: http://www.sec.gov/Archives/edgar/data/1448228/0001209191-17-010785-index.html. Keywords for this news article include: SEC Filing, Automobiles, Transportation, Sonic Automotive Inc., Retail Auto Dealers and Gasoline Stations. Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2017, NewsRx LLC



 

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