Stocks to Watch: Deere, Target, J.C. Penney....
NEW YORK --
Deere(DE), the farm machinery manufacturer, reported second-quarter earnings of $1.06 billion, or $2.61 a share, up from year-earlier profit of $904.3 million, or $2.12 a share.
Analysts, on average, expected earnings of $2.53 a share.
Deere also raised earnings guidance for the year to $3.35 billion.
Shares of Deere rose 1.15% in premarket trading Wednesday to $77.50.
Target(TGT) reported Wednesday first-quarter net earnings of $697 million, or $1.04 a share, up from $689 million, or 99 cents a share, a year earlier.
First-quarter adjusted earnings were $1.11 a share.
Analysts, on average, anticipated Target would post a profit of $1.01 a share on revenue of $16.86 billion.
Target said earlier this month that same-store sales rose 5.3% in the first quarter, its strongest quarterly performance in more than six years.
Shares of Target rose 2.58% in premarket trading Wednesday to $56.50.
J.C. Penney(JCP) reported a wider-than-expected quarterly adjusted loss of $55 million, or 25 cents a share, and said it wasdiscontinuing its dividend.
J.C. Penney expects to have additional restructuring charges in 2012 so it dropped its outlook for GAAP earnings of $1.59 a share for the year. Eliminating the quarterly dividend of 20 cents a share is expected to save J.C. Penney $175 million annually.
Shares J.C. Penney dropped 13.54% to $28.81 in premarket trading Wednesday.
Staples(SPLS), the office products retailer, reported Wednesday first-quarter net income of $187.1 million, or 27 cents a share, down from year-earlier earnings of $198.2 million, or 28 cents.
The first quarter included $28 million in pretax expenses, or 3 cents a share, related to staff reductions and a contractual dispute from the acquisition of Corporate Express.
On average, analysts expected the company to earn 30 cents a share in the first quarter on sales of $6.18 billion.
Shares of Staples fell 4.07% in premarket trading Wednesday to $14.15.
Teen retailer Abercrombie & Fitch (ANF) reported Wednesday quarterly net income of $3 million, or 3 cents a share, down from year-earlier earnings of $25.1 million, or 28 cents.
The company was forecast by analysts to post first-quarter profit of 2 cents a share.
Shares of Abercrombie & Fitch fell 7.14% in premarket trading Wednesday to $42.16.
General Electric(GE) said on Tuesday that it is acquiring a pair of underground mining equipment companies.
Shares of GE rose 2.45% in premarket trading Wednesday to $18.85.
Joseph Woelfel
05/16/12 - 08:13 AM EDT
-- Written by Joseph Woelfel
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