Stocks to Watch: AIG, Salesforce, J.C. Penney
NEW YORK -- J.C. Penney (JCP) , 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) , 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) , 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) 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.