Proactiveinvestors recommends
Pdf

NYSE/NASDAQ News: JPMorgan Chase, Sketchers, J.C. Penney, Target, and more

16th May 2012, 4:04 pm by Proactiveinvestors
NYSE/NASDAQ News: JPMorgan Chase, Sketchers, J.C. Penney, Target, and more

Skechers USA (NYSE:SKX) reported Wednesday it has agreed to settle federal charges of deception related to its toning footwear product ads, despite denying the claims.

The Federal Trade Commission’s allegations were that the shoe company created advertisements for its toning footwear, such as the Shape-up line, with unsupported claims.

Flight simulation and training company CAE (TSE:CAE)(NYSE:CAE) said Wednesday it has acquired privately-held airline pilot training company Oxford Aviation Academy in a deal pegged at $314 million.

The move will bolster CAE’s training centre footprint and flight training network, the Montreal-based company said.

JPMorgan Chase & Co (NYSE:JPM) was targeted in two separate investor lawsuits Wednesday which accused the bank and its management of excessive risk that led to trading losses of at least $2 billion.

Late last week, the Wall Street bank unveiled its $2 billion loss, pinpointed to a trader in London dubbed "The Whale". JPMorgan now expects to lose $800 million within the corporate/private equity segment, down from prior guidance of net income of $200 million.

J.C. Penney Company (NYSE:JCP) saw its shares plummet more than 16 percent on Wednesday, a day after the department store retailer reported it swung to a loss as customers failed to adapt to its new pricing strategy.

The results also prompted the company to discontinue its 20 cent per share quarterly dividend in order to generate cash savings of roughly $175 million on an annual basis. The company hopes to use this cash to fund its transformation plan.

Big box retailer Target Corp. (NYSE:TGT) said Wednesday fiscal first-quarter profit grew 1.2 percent aided by revenue growth of almost six percent as people spent more at its stores.

Net earnings rose to $697 million, or $1.04 per share, on $16.86 billion in revenue in the latest quarter that ended April 28.

Farm equipment maker Deere & Co. (NYSE:DE) Wednesday posted a 17 percent jump in profits for its fiscal second-quarter as it is raised its outlook for the full year.

For the period ended April 30, net income came in at $1.056 billion, or $2.61 per share, compared with $904.3 million, or $2.12 a share a year ago. Net sales rose to $9.4 billion from $8.33 billion a year earlier.

ValueVision Media (NASDAQ:VVTV) narrowed its first-quarter loss, despite posting a drop in quarterly revenue on lower consumer electronic sales.

The Minnesota-based company sells everything from jewellery, consumer electronics, home furnishing and nutritional supplements, among other things.

Medical device maker Abiomed (NASDAQ:ABMD) swung to a fourth quarter profit thanks to 31 percent growth in revenue and higher margins. Net income was $2.56 million, or six cents a share, compared with a net loss of $1.77 million, or five cents a share, a year-prior.

THQ (NASDAQ:THQI), the publisher of the "Saints Row: The Third" video game, late Tuesday posted a wider fiscal fourth-quarter loss following a disastrous dropoff in sales during the holiday shopping season.

For the period ended March 31, THQ said its loss widened to $53.2 million from $44.1 million a year earlier. Net revenue grew nearly 47 percent to $184.2 million from $124.2 million a year earlier.

Staples (NASDAQ:SPLS), the largest U.S. office supply chain, Wednesday posted lower-than-expected fiscal first-quarter sales, hurt by weakness in international markets.

For the period ended April 28, Staples said net income fell 5.6 percent to $187.1 million, or 27 cents per share, from $198.2 million, or 28 cents per share, a year ago. Excluding items, the company earned 30 cents per share.

Apache Corp. (NASDAQ:APA) reported Wednesday an extension well saw initial production rates higher than any oil well drilled in the Beryl Field in the U.K. North Sea since 2001.

Drilled as a deviated well, B72 logged a total of 619 feet measured depth of net oil pay in three Jurassic aged reservoir units.

GeoMet (NASDAQ:GMET) shares plunged Wednesday after it said it expects a borrowing-base deficiency due to low natural-gas prices, and reported it swung to a first-quarter loss on non-cash charges.

Shares of the energy company were down 27.7 percent to 28 cents late Wednesday afternoon, as the company said it is negotiating with its bank group to address a borrowing-base deficiency that will exist at the pending June determination.

No investment advice


Proactive Investors North America Inc, trades as "Proactiveinvestors USA & Canada".


You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.


You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.


From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.


You understand that we may be providing advertising and/or marketing services to companies mentioned on the site. A full list of companies that are paying for services from us, or our affiliated companies in the UK and Australia can be viewed here