Wal-Mart Stores, Inc. (NYSE: WMT) and J.C. Penney Company, Inc. (NYSE: JCP) to rise, despite poor earnings

Wal-Mart Stores and J.C. Penney Company, Inc. aim higher

In brief: Wal-Mart Stores, Inc. (NYSE: WMT) and J.C. Penney Company, Inc. (NYSE: JCP) will begin trading in the green zone. Although, J.C. Penney Company, Inc. (NYSE: JCP) reports disappointed analysts.

J.C. Penney Company, Inc. (NYSE: JCP) went up to 20.80 points yesterday. Today’s auction will most likely favorable for the JC Penney shares, despite the bad news. J.C. Penney lowered its forecast for annual profit.

Operator of supermarkets JC Penney has lowered the forecast of annual profit, expressing their uncertainty regarding the level of consumer spending in the future. Thus, it is expected that earnings for the 12 months of this year is $ 1.5 per share, whereas previously expected earnings of $ 1.64. Revenues for the three months ending July 31 remained almost unchanged, amounting to $ 3.94 billion, which coincided with the forecasts of most analysts. Net income at the same time reached $ 14 million, or 6 cents a share, compared with a loss of $ 1 million a year earlier. In addition, Wal-Mart Stores, Inc. (NYSE: WMT) shares were about 50.43 points yesterday. Retailer’s shares could grow a bit in price today – analysts say.

Igor Tringlers
2010-08-13 13:14, Economics.

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