NEW YORK (TheStreet) -- Here's a round-up of companies making news after Tuesday's closing bell.
J.C. Penney (JCP) reported a much wider than anticipated quarterly loss late Tuesday and said it's discontinuing its dividend. The department store retailer, which is trying to reinvent itself under the direction of CEO Ron Johnson, a former Apple (AAPL) executive, reported an adjusted loss of $55 million, or 25 cents a share, and said same-store sales fell 18.9% in its fiscal first quarter ended in April.
The average estimate of analysts polled by Thomson Reuters was for a loss of 11 cents a share in the quarter.
"Sales and profitability have been tougher than anticipated during the first 13 weeks, but the transformation is ahead of schedule," said Johnson in a press release.The company now expects to record additional restructuring charges in 2012 so it dropped its outlook for GAAP earnings of $1.59 a share for the year. The elimination of the quarterly dividend of 20 cents a share is expected to result in annual savings of $175 million. The stock was last quoted at $28.85, down 13.4%, on volume of more than 4 million, according to Nasdaq.com.
General MotorsShares of General Motors (GM) were up more than 4% to $22.31 on late volume of more than 560,000 following news that Warren Buffett has purchased a significant stake in the car and truck maker. In addition, the company has reportedly decided to stop advertising on Facebook. The news comes ahead of the social networking giant's initial public offering, which is expected to take place on Friday. Based on Tuesday's regular-session close at $21.42, GM shares are up 6.7% so far in 2012. Based on the latest filing of his holdings with the Securities and Exchange Commission, Buffett and Berkshire Hathaway (BRK.B) built a stake of 10 million GM shares in the first quarter.
SafewaySafeway (SWY) said its board has approved a 21% increase in its quarterly dividend to 17.5 cents a share from 14.5 cents a share. The Pleasanton, Calif.-based grocery store operator said the higher dividend is to be paid on July 12 to shareholders of record on June 21. The stock closed Tuesday's regular session at $18.78, down 13 cents. Year-to-date, the shares are down more than 10%.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV