Target (TGT - Get Report) 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. Wells Fargo Is the Cheapest, Safest Bank
J.C. Penney (JCP - Get Report) reported a wider-than-expected quarterly adjusted loss of $55 million, or 25 cents a share, and said it was discontinuing 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. The Cheapskate's Guide to Trading from Anywhere
Staples (SPLS - Get Report), 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 - Get Report) 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. -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.