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J.C. Penney shares tank after report that it hired debt advisorsExternal Link

J.C. Penney Co. Inc. shares fell 10.2% in Friday premarket, and more than 11% after the market opened following a late-Thursday report that it has hired advisors to restructure its debt in order to allow for more time for a turnaround. J.C. Penney stock has fallen 65% over the past year while the S&P 500 index has risen 6.1% over the period. As of May 4, 2019, the company had total long-term debt of about $3.9 billion, according to FactSet. Restructuring plans are in the early stages, according to Reuters. "Although we recognize that J.C. Penney continues to maintain good liquidity, with about $1.75 billion of revolver availability and cash, our downgrade to Caa1 stable reflects the reality that leverage remains extremely elevated as the company embarks on its turnaround," Moody's wrote in a June 17 note. "Despite the areas of opportunity for improvement, which include its assortments, management of shrink and online, significant progress will take time. In addition, the magnitude of the improvement needed to refinance the capital structure long term is also significant." J.C. Penney released a statement late Friday saying the company "routinely" hires outside advisors, which is helping it to take measures to improve the business. "We have no significant debt maturities coming due in the near term, and we continue to maintain a strong liquidity position," the company said. "Also, given our strong liquidity position we can confirm that we have not hired any advisors to prepare for an in-court restructuring or bankruptcy." J.C. Penney stock closed Friday down 17%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 19 Jul 2019 20:22:41 GMT
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Walmart reorganizes leadership team to following Jet.com integrationExternal Link

Walmart Inc. is reorganizing some of its leadership team in the wake of the decision to absorb Jet.com into its digital business. In the memo sent to associates, which was also sent to MarketWatch, Greg Smith has been named to head the combined supply chain team, which will bring together supply chain heads for grocery, e-commerce, fleet operations, and other business functions. Nate Faust, who had been leading the e-commerce fulfillment process, will help with this transition and then move to another post within the company, which will be discussed at a later time. Michael Dastugue has been named Walmart U.S. chief financial officer and Steve Schmitt, who is currently the CFO for Sam's Club, has been named U.S. e-commerce CFO. Brandi Joplin, currently chief audit executive, will take on the role of Sam's Club CFO and Todd Sears, currently assistant controller, will become chief audit executive. Ashley Buchanan has been named U.S. e-commerce chief merchandising officer. And Jeff Shotts, who is currently the e-commerce CFO, will now lead the U.S. marketplace business, reporting to Marc Lore. There are now openings for chief experience and strategy officer, chief product officer, and leader of the customer care team. Walmart stock has rallied more than 23% for the year to date while the Dow Jones Industrial Average is up 17% for the period. Read: Walmart CEO McMillon says the retailer has been playing ‘catch up’ in e-commerce

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 19 Jul 2019 20:18:59 GMT
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Stocks skid lower to end worst week since May amid disappointment on Fed rate-cut plansExternal Link

U.S. stocks finished firmly lower Friday, capping the worst week for equities since the end of May, as doubts about the magnitude of an expected rate cut by the Federal Reserve softened the buying mood on Wall Street. The Dow Jones Industrial Average closed down 0.3% at 27,154, off 69 points, the S&P 500 index retreated 0.6% at 2,977, while the Nasdaq Composite Index pulled back 0.7% to end at 8,146. For the week, the Dow booked a 0.7% decline, the S&P 500 finished with a weekly slide of 1.2%, while the Nasdaq logged a 1.2% drop over the five-session period. For all three stock gauges it was the steepest weekly decline since the period ended May 31, according to FactSet data. Reports of Iran seizing oil tankers in the Strait of Hormuz added to uncertainty on the day and Federal Reserve officials attempted moderate comments made by NY Fed boss John Williams, whose comments investors appeared to interpret as implying a 50-basis-point rate cut at the end of this month.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 19 Jul 2019 20:08:16 GMT
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Chesapeake's stock bounces off 20-yr. low as oil prices gainExternal Link

Shares of Chesapeake Energy Corp. surged 3.4% in afternoon trading Friday, to bounce off a 20-year closing low, as a a rebound in oil prices helped provide a boost. The oil and gas company's stock had tumbled 7.1% on Thursday, and sank 18% amid a four-session losing streak, to the lowest close ($1.58) since April 1999. On Friday, crude oil futures rose 0.7% to snap a four-session losing streak, helped by reports that Iran seized a U.K.-flagged ship in the Gulf of Oman. The correlation coefficient between Chesapeake's stock and crude oil futures, over the past two decades, has been 0.78, in which 1.00 would mean they move perfectly in sync. In comparison, Chesapeake's correlation with the S&P 500 is negative 0.28.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 19 Jul 2019 18:50:55 GMT
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S&P 500 turns negative after report indicates a 25 basis point cut at July Fed meetingExternal Link

U.S. stocks traded lower after The Wall Street Journal published a report saying "Fed officials signal quarter-point rate cut likely at July meeting." The S&P 500 lost 7 points, or 0.2%, to 2,988 after rising as many as 9.49 points at session highs, the Dow Jones Industrial Average rose 19 points, or 0.1%, to 27,242, though it traded more than 100 points higher earlier Friday afternoon. The Nasdaq Composite index lost 26 points, or 0.3% to 8,181. The report said Fed officials "aren't prepared for bolder action by making a half-point cut, as analysts and traders have speculated in recent days," citing public remarks and interviews.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 19 Jul 2019 18:48:15 GMT
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