Thursday Market Movers: J.C. Penney Company, Inc. (NYSE:JCP), Mylan (NASDAQ:MYL)

Technology Stocks News 15

Shares of J.C. Penney Company, Inc. (NYSE:JCP) have soared almost 27% in pre-market trade to $7.55 after the company reported Q4 results during yesterday’s after-hours session that topped analyst expectations.

JCP reported earnings per share losses of $0.68 for the quarter, compared to analyst forecasts of losses of $0.76 per share. The retailer also reported Q4 net income of $35 million, or $0.11 per share, compared with a loss of $552 million, or $2.51 per share the previous year.

In issuing guidance for the year, the company also said it expects a 3% to 5% increase in comparable store sales. It also forecasts improved gross margins, as well as more than $2 billion in liquidity by the end of 2014 with $250 million in capital expenditures.

Despite the stock price surge, shares of JCP still trade in the low end of their 52-week range of $4.90 – $21.76.

Pharmaceutical company Mylan (NASDAQ:MYL) reported Q4 adjusted earnings above expectations on revenue that met the Street view, and forecast 2014 earnings in line with analysts’ estimates while giving upbeat revenue guidance for the year.

Mylan CEO Heather Bresch said the company expects 16% growth in revenue and 19% growth in adjusted diluted EPS for 2014, adding the company expects “to be in a position to execute on another substantial transaction this year.”

Q4 net income attributable to common shareholders rose to $180.2 million, or $0.45 per share, from $162 million, or $0.39 per share.   Excluding one-time items, the company earned $0.78 per share in the latest period, up from $0.65 per share a year earlier and above analysts’ mean estimate of $0.75 per share, according to Capital IQ.   Total revenue climbed 5% to $1.81 billion, in line with analysts’ mean estimate of $1.8 billion.

Excluding foreign-exchange impacts, the increase would have amounted to 7%.   For 2014, the company forecast total revenue of $7.8 billion to $8.2 billion and adjusted earnings per share of $3.25 to $3.60. The revenue guidance is above analysts’ mean estimate of $7.7 billion while EPS forecast brackets the Street view of $3.43 per share.

“We look forward to continuing to leverage our unique global operating and commercial platform and identifying additional opportunities for growth as we progress towards our long-term financial targets, including our target of adjusted diluted earnings per share of at least $6.00 by the end of 2018,” said Financial Chief John Sheehan.

MYL was inactive in recent pre-market trading after climbing 1.1% to $52 in Wednesday’s after-hours session. The stock is near the high end of its 52-week range of $27.66 to $52.44.

Signup for free to be the first to receive exclusive free links. Now in your mailbox!
Join over 15,000 subscribers
Send me links

Your information will not be shared to anyone