JCPenney’s shares rise 6%, despite big quarterly losses
JCPenney, the beleaguered department store chain, on Tuesday reported its sixth straight quarter of big losses and steep revenue drops as it continued to face challenges related to a botched turnaround plan spearheaded by its ousted CEO Ron Johnson.
But investors sent Penney shares up 6 percent to nearly $14 — after having pushed the stock down nearly 70 percent in the last 18 months — in an expression of confidence that returning CEO Mike Ullman has started to stabilize the business.
Barnes & Noble struggling, will focus on Nook e-reader
Barnes & Noble said Tuesday that its first-quarter net loss nearly doubled and the struggling bookseller’s Chairman Leonard Riggio said he is abandoning his bid for the company’s retail stores.
But the retailer said it plans to keep making its Nook electronic readers and will focus on offering content to its customers.
Barnes & Noble is reviewing its strategy in the wake of CEO William Lynch’s departure in June and continuing declines in Nook revenue, a unit the company has invested heavily in.
Home Depot income gets boost from housing gains
Home Depot’s second-quarter net income jumped 18 percent, helped by an improving housing market and good response to holiday events.
The nation’s biggest home improvement retailer’s results beat Wall Street expectations and the company raised its full-year earnings and revenue expectations.
A slowly improving employment landscape and extremely low interest rates have created such great demand that home builders are having some difficulty securing land and keeping pace. That’s good news for home-improvement retailers because as home values improve customers feel more comfortable investing money in projects for their home.
Allegiant Air’s expansion includes Portsmouth, N.H.
Tiny Allegiant Air is expanding its service again, this time with a focus on the East Coast.
The Las Vegas-based airline announced Tuesday that it is adding service to 10 new airports, including two on the far edges of the New York metropolitan area. It is also adding flights to Portsmouth, N.H.
Those markets represent a slight departure for the leisure-focused airline, which mostly flies from small, underserved cities to sunny vacation destinations.
Allegiant will now serve 99 airports across the country.
Netflix adding more films in new deal with Weinstein
In a drive to add subscribers, Netflix has expanded on a movie licensing deal with The Weinstein Co. that will add more films to its Internet video service beginning in 2016.
The multiyear agreement announced Tuesday builds upon a partnership that Netflix Inc. forged with Weinstein Co. last year.
Netflix’s shares rose $13.51, or more than 5 percent, to finish at $273.29 on Tuesday.