4 Consumer Stock Stories to Entertain Over the Weekend
J.C. Penney & Co. (NYSE:JCP): Closing price $12.85
The historic retailer has already borrowed over $3 billion in 2013 to fund a turnaround, and knowledgeable sources now say that it is in talks to potentially raise more cash. Goldman Sachs Group arranged a $2.25-billion loan for the retailer this year and is advising J.C. Penney on additional fundraising options that include borrowing against its real estate holdings, said one source, who explained that discussions with hedge funds and other investors are at an early stage. More cash would afford J.C. Penney’s Chief Executive Mike Ullman more time to repair a company that has not posted a quarterly profit since mid-2011.
US Airways (NYSE:LCC): Closing price $18.89
On Friday, US Airways and American Airlines, whose proposed merger has been stymied by opposition from United States government, have urged a court to require the Justice Department to surrender documents relating to its approval of four prior airline mergers. In the motion, US Airways and American requested analyses, studies, forecasts and other documents connected with the Justice Department’s okay of the four mergers over the past decade.
Target Corp. (NYSE:TGT): Closing price $64.60
Target intends to hire roughly 70,000 seasonal workers for the holiday shopping season, which is down some 20 percent from a 2012. The discount retailer wants to be more efficient in its hiring practices and hiring 18,000 fewer temporary holiday workers compared to last year’s 88,000 comes as the chain saw that its own permanent employees wanted to get first pick on working extra hours for the season.
The Kroger Co. (NYSE: KR): Closing price $40.78
Kroger announced on Friday its boards’ long-term CEO succession plan. David B. Dillon, who is a 37-year Kroger veteran who has been serving as Chief Executive since 2003, will step down as CEO on January 1, 2014 while continuing to serve as chairman through December 31, 2014.