NEW YORK -- J.C. Penney (JCP - Get Report), the department store giant, posted a fourth-quarter loss of $87 million, or 41 cents a share, a swing from year-earlier earnings of $271 million, or $1.13 a share.
Excluding items, earnings in the latest were 74 cents a share. Revenue was $5.43 billion.
Analysts, on average, were looking for earnings of 68 cents a share on revenue of $5.5 billion.
Same-store sales in the quarter fell 1.8%.The retailer has jumped by $1.4 billion in value after new CEO Ron Johnson outlined a turnaround plan that kicked off on Feb. 1. Shares were up 0.8% to $42.25 in premarket trading on Friday.
AIG (AIG - Get Report), the insurance giant, reported fourth-quarter net income of $19.8 billion, boosted by a gain of $17.7 billion related to the release of a deferred tax asset valuation allowance. Operating profit in the quarter was 82 cents a share; analysts were looking for 63 cents. Shares were surging 6.7% to $29.86.
Salesforce.com (CRM - Get Report), the cloud computing company, topped Wall Street's fourth-quarter earnings expectations. For the three months ended Jan. 31, the company reported adjusted earnings of $61.6 million, or 43 cents a share, on revenue of $632 million. Analysts were expecting profit of 40 cents a share on revenue of $624 million. Salesforce.com forecast non-GAAP earnings for the current fiscal year of $1.58 to $1.62 a share on revenue of $2.92 billion to $2.95 billion. Analysts polled by Thomson Reuters see profit of $1.62 a share on revenue of $2.91 billion. The stock was popping by 10.2% to $13.33.
Bank of America (BAC - Get Report) said it would stop selling new home loans to Fannie Mae. The announcement Thursday highlights a long legal battle over how many defaulted mortgages Bank of America should buy back from Fannie in the aftermath of the burst of the housing bubble. Bank of America has said it will turn to Freddie Mac or Ginnie Mae to back up its mortgages and that the recent decision would not affect its customers. The move, however, is huge given that Bank of America sold almost $38 billion in mortgages to Fannie last year. Shares of Bank of America were rising 0.9% to $8.09.
Private-equity firm Apollo Global (APO) is said to be near a deal to buy El Paso's (EP) oil-exploration business for about $7 billion, according to The Wall Street Journal. The agreement, which includes Riverstone Holdings, an energy-focused private-equity group, may be signed by Friday. The oil and gas industry has been a handful of deals in the past year. El Paso shares were 0.6% lower to $26.77 in premarket trading.
Newmont Mining (NEM) is seen posting profit of $1.27 a share on revenue of $2.74 billion. Shares were slipping 0.2% to $63.68.
Publisher Washington Post (WPO) will report fourth-quarter earnings of $6.32 a share on revenue of $1.04 billion, according to analysts. -- Written by Chao Deng and Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.