BusinessThe Street•yesterdayThis Is How the Ongoing Death of Sears Could Force J.C. Penney Into a Drastic Decision
J.C. Penney (JCP) could be caught in the downdraft of its dying rival on the other end of the mall, and forced to close even more stores. "Our analysis suggests that Sears ( SHLD) revenue donation is providing a moderate near-term boost [to J.C. Penney] to sales and earnings ($54 million in revenue, and $0.03 in EPS). However, we believe that any further Sears store closings may increase the likelihood that J.C. Penney will have to accelerate the closure of lower-tier mall locations, adding meaningful medium-term revenue and EPS risk of about $150- 200 million and $0.09," wrote Credit Suisse analyst Christian Buss on Friday. Buss rates J.C. Penney shares at an under-perform. The analysis is
- BusinessThe Street•yesterday
These products from Medical Marijuana are legal in all 50 states
Medical Marijuana Inc. (MJNA) , a $321 million market cap company that claims to be the first publicly traded medicinal cannabis firm, is no different. For the quarter ended March 31, San Diego-based Medical Marijuana saw revenue jump about 135% to $3.6 million from $1.5 million in the same quarter of the previous year. Over-the-counter-traded Medical Marijuana is beginning to face one of its largest obstacles: its debt load, which clocks in at $13 million for the quarter ended March 31, according to the company's earnings release on June 5. During the first nine months of 2016 Medical Marijuana spent about $6.7 million to reduce its debt load, up from $3 million devoted to paying down debt in 2015 and $990,000 in 2014.
- BusinessOilprice.com•yesterday
As Production Cuts Fail To Raise Prices, Saudis Look At Exports
Crude oil prices hit a five-week low Wednesday as OPEC production rose and U.S. inventories showed smaller than expected draws. OPEC has been trying to bolster oil prices with a production cut deal, but increased output from Libya and Nigeria, both of which are exempt from the deal, has continued to put downward pressure on oil prices. With production cuts failing to push prices higher, OPEC’s de facto leader, Saudi Arabia, is now targeting the second piece of the equation – U.S. inventories.
