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.
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.
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.
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.
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.