Lakeway, NY -- (SBWIRE) -- 02/28/2013 -- ThePennyStockProfiler.com, an investment community with a special focus on updating investors with recent news on the U.S. stock market, issues news alert on the following stocks:-
J.C. Penney Company, Inc. (NYSE:JCP) on Wednesday reported another much larger-than-expected loss in the fiscal fourth quarter missing Wall Street estimates as it began a turnaround strategy that included ditching most of its coupons and sales events in favor of everyday low prices, bringing in hipper designer brands such as Betsy Johnson and remaking outdated stores.
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During the fourth quarter that ended Feb. 2, Penney's revenue at stores opened at least a year dropped 31.7% in comparison to decline of 26.1% Wall Street had expected.
Penney, based in Plano, Texas, also widened its loss to $552 million, or $2.51 per share, up from a loss of $87 million, or 41 cents per share a year ago. Excluding charges related to restructuring and management changes, Penney's adjusted loss for the quarter was $427 million, or $1.95 per share.
Revenue slipped by 28.4% to $3.88 billion. FactSet analyst expected a loss of 23 cents on revenue of $4.08 billion.
For the fiscal year, Penney lost $985 million, or $4.49 per share, compared with a loss of $152 million, or 70 cents per share, in fiscal 2011. Revenue fell by 24.8% to $12.98 billion.
Shares of JCP slumped 19%.
Shares of Nabors Industries Ltd. (NYSE:NBR) was up by 50 cents or 3.16% to close at $16. after the oil and gas drilling contractor declared of paying dividend of 4 cents per share payable on March 28 to shareholders of record on March 11.
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The company had about 292 million shares on the market in the fourth quarter.
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