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JCP

J.C. Penney

$2.68

-0.09 (-3.25%)

16:52
06/14/18
06/14
16:52
06/14/18
16:52

J.C. Penney sees proceeds of approximately $20M from sale of corporate aircraft

On June 8, 2018, J. C. Penney determined that a charge for impairment to the corporate aircraft assets held by J. C. Penney Corporation, Inc., a wholly-owned subsidiary of the company, was required under generally accepted accounting principles in the United States. The impairment charge is a result of the company's decision to sell its corporate aircraft and classify the assets as held for sale. The impaired assets consist of three aircraft and associated engines and parts. The Company currently estimates the total impairment charge to be approximately $50M, which represents the current expected loss on sale upon completion of disposition of the assets. The Company currently expects to receive approximately $20M in cash proceeds during fiscal 2018 from the sale of the corporate aircraft. The impairment charge will be recorded in the fiscal second quarter of 2018. The Company does not currently expect that the impairment charge will result in any significant future cash expenditures. The Company currently expects the sale of the corporate aircraft to reduce annual operating expenses approximately between $5M-$10M through reductions in depreciation and selling, general and administrative expenses.

JCP J.C. Penney
$2.68

-0.09 (-3.25%)

05/18/18
RILY
05/18/18
NO CHANGE
Target $3
RILY
Neutral
J.C. Penney price target lowered to $3 from $4 at B. Riley FBR
B. Riley FBR analyst Jeff Van Sinderen lowered his price target for J.C. Penney to $3 citing the sales, comp and EBITDA misses in Q1. The analyst keeps a Neutral rating on the shares.
05/22/18
BARD
05/22/18
NO CHANGE
Target $110
BARD
Outperform
Baird calls new Lowe's CEO 'big win' for shareholders
The naming of former Home Depot (HD) executive vice president of U.S. Stores, and J.C. Penney (JCP) CEO, Marvin Ellison as Lowe's (LOW) new CEO represents a best-case scenario and "big win" for Lowe's shareholders, Baird analyst Peter Benedict tells investors in a research note. The analyst expects the company to benefit greatly from Ellison's "extensive experience and understanding of the business. Benedict thinks Ellison is "uniquely qualified" to be the next leader of Lowe's and reiterates an Outperform rating on the shares with a $110 price target. The stock in early trading is up 38c to $87.77 while J.C. Penny is down 11c to $2.39.
05/22/18
PIPR
05/22/18
NO CHANGE
Target $3
PIPR
Neutral
J.C. Penney CEO departure increases near-term execution risk, says Piper Jaffray
Piper Jaffray analyst Erinn Murphy is concerned around increased execution risk in the near-term at J.C. Penney (JCP) following this morning's announcement that Chairman and CEO, Marvin Ellison, is leaving to become President and CEO of Lowe's (LOW). The analyst believes this resignation coupled with inconsistent execution over the past year raises risk to the turnaround story. Murphy reiterates a Neutral rating and $3 price target on J.C. Penney's shares.
05/23/18
MSCO
05/23/18
NO CHANGE
Target $99
MSCO
Overweight
TJX results 'more impressive than first meets the eye,' says Morgan Stanley
Morgan Stanley analyst Kimberly Greenberger noted that Macy's (M), Kohl's (KSS) and J.C. Penney (JCP) chose to use a non-restated calendar when calculating 2018 comps for Q1, while TJX (TJX) "rightly" compared like-for-like weeks, or February 4-May 5 of this year versus February 5-May 6 of last year. When taking this into consideration, TJX's Q1 results are "more impressive than first meets the eye," contends Greenberger. She also noted that TJX management reiterated several times on the call the buying environment remains plentiful, refuting bear case concerns that improving department store sales are driving a lack of quality branded merchandise in the off-price market. Greenberger maintains an Overweight rating on TJX with a $99 price target.

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DIS

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AAL

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ORCL

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ORCL

Oracle

$46.29

-0.25 (-0.54%)

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WBA

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$64.61

0.47 (0.73%)

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