Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Pre-Market: JC Penney Close to Turnaround; Armed Protesters Raise Russian Flag in Crimea


A war or schism in Ukraine could have serious geopolitical implications.

US stocks pointed to a lower open this morning amidst tensions between Russia and Ukraine and ahead of a Congressional testimony from Federal Reserve Chairwoman Janet Yellen.

Before the opening bell, Dow (INDEXDJX:.DJI) futures were down 0.21% to 16,144. S&P 500 (INDEXSP:.INX) futures declined by 0.22% to 1,837.80. Futures on the Nasdaq Composite (INDEXNASDAQ:.IXIC) fell 0.06% to 3,671.50.

JC Penney (NYSE:JCP) shares rose 21% in pre-market trading after the struggling retailer reported its first quarterly net profit in more than two years. The store, which counts George Soros as a major investor, generated a net profit of $35 million, or $0.11 per share, up from a loss of $552 million a year earlier. Revenue dropped 2.6% to $3.78 billion, falling short of consensus estimates. Excluding one-time items, it had a loss of $0.68 per share. Same-store sales rose for the first time since April 2011. CEO Mark Ullman said that same-store sales and gross margins will improve this year.

Tesla Motors Inc (NASDAQ:TSLA) issued $1.6 billion debt to finance a 10-million-square-foot "gigafactory" to make lithium-ion batteries. The $5 billion factory will be located in the American Southwest, but a location has not yet been chosen. Tesla shares were up 3.4% this morning after the electric car company's plans were made public.

Shares of Best Buy Co., Inc (NYSE:BBY) rose 8.3% this morning after the big-box electronics retailer reported better-than-expected profits driven by cost-cutting. The company earned $0.83 per share in the latest quarter, which ended on Feb. 1, up from a $1.21 loss a year earlier. Profit from continuing operations was $1.24 per share, beating analyst expectations by $0.23. Same-store sales fell 1.7%. Wall Street projected a steeper fall in sales.

US jobless claims rose to 348,000 last week, up from 33,000. Economists had expected just 335,000 claims. Durable goods orders fell 1% in January, following a 5.3% drop in December 2013. Excluding transportation, orders rose 1.1%.

Fed Chairwoman Janet Yellen will speak to the Senate Banking Committee about her outlook for the economy and central bank policy at 10 a.m.

Fears of a geopolitical risk were heightened today as Russia is engaging in military exercises near the Crimea region where an armed pro-Russian mob attacked government buildings and clashed with opposition protesters.

Twitter: @vincent_trivett
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Featured Videos