In the stock market world, there are thousands of companies, which can give investors a hard time picking the best opportunities which will bring the best returns and profits. However, an easy way to spot those who stand out, is by taking a look at the most recent events and companies which are highlighted in them.
In this way, one of the companies that will definitely be in the middle of attention today is J.C. Penney Company, Inc. (NYSE:JCP). The retailer that operates over 1,000 stores has released its second-quarter earnings before the market opening, without any high expectations from analysts.
The company declared a net loss of $586 million, or $2.66 per share, while the analysts, on average expected JC Penney to post a negative earning per share situated around -$1.06 per share. J.C. Penney Company, Inc. (NYSE:JCP) a couple of days ago announced some changes in its board of directors. William Ackman, the manager of Pershing Square stepped down from the company’s board of directors.
“During my time on the J. C. Penney Board of Directors, I have always advocated for what I believe to be in the best interests of the Company—its stockholders, employees and others. At this time, I believe that the addition of two new directors and my stepping down from the Board is the most constructive way forward for J.C. Penney Company, Inc. (NYSE:JCP) and all other parties involved,” a statement issued by JC Penney quoted Ackman as saying. At the same time, Ronald W. Tysoe, former Macy’s Vice Chairman was appointed to the Penney’s board of directors. On Monday, J.C. Penney Company, Inc. (NYSE:JCP)’s stock closed with a decline of 1.34% at $13.22 per share.
Best Buy Co., Inc. (NYSE:BBY), is another retailer, whose earnings report we will be able to see today. For the second quarter of fiscal year 2014, Best Buy announced GAAP EPS of $0.69 per share and revenues almost flat on the year, of $9.3 billion. Analysts expected Best Buy to post earnings of about $0.12 per share on average, while the most highest and lowest expectations are situated at $0.06 and $0.22 per share respectively.
The second quarter was a period full of interesting events in the life of Best Buy Co., Inc. (NYSE:BBY). Among the most notable, we can mention the sale of company’s 50% stake in its European affairs to its BestBuy Europe joint venture partner, Carphone Warehouse Group plc. The price of the deal amounted to almost $800 million, but the sale definitely affected Best Buy’s revenues. Another important moment which happened to Best Buy Co., Inc. (NYSE:BBY) in the past quarter is the deal with Microsoft, according to which the latter planned to open about 500 stores locations within Best Buy stores in the U.S. Over the long run, such deals might bring a boost in sales numbers. The year-to-date return of Best Buy Co., Inc. (NYSE:BBY)’s stock amounts to almost 160%, while yesterday it closed 1.19% up at $30.73 per share.
With this in mind, let’s see what will happen on the retailers front today, and how will the market react to the financial results of J.C. Penney Company, Inc. (NYSE:JCP) and Best Buy Co., Inc. (NYSE:BBY)
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