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U.S. Morning Call:Best Buy & J.C. Penney rally after results

Monday, August 19, 2013 - 03:16

Aug 20 - In an upside down morning, retailer Best Buy posted a higher quarterly profit as lower costs offset weak sales, and J.C. Penney shares are up after encouraging back-to-school guidance.

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It's been mixed earnings season so far for retailers and we've got several more reporting today. Let's start with JC penny out just minutes ago and it does not look good for JC -- Losses were bigger than expected revenue was much lower than expected and sales were off sharply. The quarter with the first one under CEO Mike Ullman who replaced Ron Johnson April. Under Johnson the chain suffered a one billion dollar loss in 2012 as a result of his branding efforts. The stock down more than 30% this year and more than 60% since the start of 2012. Best buy shares soaring over 9% premarket to just over 33 dollars after reporting results. It's another retailer with big turnaround plan that seems to be working so far. Tighter cost controls helped the company meet it's revenue estimate of nine point three billion dollars but same store sales were pretty lackluster. Down point 6%. CEO who -- -- marking his first full year on the job. Sediment around best buy stock was favorable on Monday in the options market. Home Depot according to rise in quarterly profit and sales and raising its full year outlook today. The result came this week after data showed US home prices rose and -- and give more evidence of a rebound in the sector. Shares Home Depot up 18% since January and up 4% in the premarket. Our stocks to watch when it rains it pours JPMorgan stock in the middle of yet another probe. This time the Justice Department is investigating the bank for alleged manipulation of US energy markets according to the Wall Street Journal. CEO Jamie -- is already got his hands with at least six other investigations. Including allegations of nepotism hiring in China. Also from the journal this morning. Apple has asked its supplier hot -- to begin shipping high and low and iphones early next month. According to all things. Right around the time Samsung plans to unveil a Smart watch and -- fabulous tablet. Don't know -- that policy apple shares tanked more than 40% in the first half of the year but have since rebounded some. Closing Monday near 507. Dollars. Analysts have attributed some of the stock downward spiral the fears that apple -- animation. Is slowing down. Taking a look at markets in the US stock futures are pointing to higher open today. Wall Street felt for a fourth straight day on Monday with investors hedging -- bets and expected chipped in that policy. That can lead to higher interest rates. Treasury also feeling -- that affect yield on the ten year note rose as high as two point 9% on Monday the highest in two years. Coming up those -- this morning trading near two point 8%. That's boarding call for Tuesday were never follow us on Twitter at Reuters Insider and get Mercury -- -- -- dot com slash. At least Bernhard --

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U.S. Morning Call:Best Buy & J.C. Penney rally after results

Monday, August 19, 2013 - 03:16