J.C.Penney and CIT Refute Supplier Report and 2 Other Hot Stocks to Watch
J. C. Penney Co. (NYSE:JCP): Current price $14.97
J.C. Penney and CIT both denied a report on Wednesday that said CIT would no longer support deliveries from Penney suppliers, but CIT said today that it not only continues to do those things, but the historic retailer has the support of all of its key vendors, who have maintained their shipments. Penney’s observed that CIT-factored merchandise currently represents under 4 percent of its overall inventory for the year. Further, the retailer stated that it continues to have sufficient liquidity to manage its business, and expects to close the quarter with around $1.5 billion in cash on its balance sheet.
Rite Aid Corp. (NYSE:RAD): Current price $3.15
In July, revenue from established stores rose by 1.3 percent, even though generic drugs continued to cut into its performance. The company said on Thursday that pharmacy revenue from stores open a minimum of one year increased 1.6 percent, despite taking a hit from less expensive generic drug introductions, while front-end sales rose 0.7 percent. At the end of July, Rite Aid was running 4,611 drugstores, or 35 fewer year-over-year.
American Homes 4 Rent (NYSE:AMH): Current price $16.12
Shares of the real estate investment trust are up 0.14 percent, at $16.02 in late morning Thursday, on their first day of trading on the NYSE. The single-family rental REIT, founded by the self-storage billionaire Wayne Hughes, had priced its initial public offering at the low end of the expected range of $16 to $18 per share. Shortly after the open, the stock was trading at $15.94, valuing the company at $2.8 billion. The sale of 44.1 million common shares brought $705.9 million.