JCPenney Loses ABS Supplier Deal and 2 Other Hot Stocks to Watch
J.C. Penney & Co. (NYSE:JCP): Current price $13.21
Allen Schwartz’s Allen B. apparel company has ended its exclusive supplier arrangement with J.C. Penney Co. after five years, with Schwartz saying that he has not so far seen a sales rebound at the historic retailer. The founder, owner and creative director of ABS by Allen Schwartz, commented in a telephone interview Thursday that he sees “no signs of improvement. It’s not going to happen overnight.”
Schwartz had licensed his Allen B. women’s sportswear and dress brand to Penney’s in an arrangement where his firm designed and sourced the merchandise, while the latter took care of manufacturing. But the company did not renew because Schwartz thought J.C. Penney management was “indecisive” on their future plans for the brand even after it got back the former Chief Executive Mike Ullman to replace Ron Johnson in April.
Facebook Inc. (NASDAQ:FB): Current price $46.18
Facebook is up by 0.64 percent Friday after an upgrade by Cowen analysts. Cowen raised its rating for the social network from Market Perform to Outperform, while elevating its price target from $29 to $53. Analysts pointed to Facebook’s impressive return on investment, saying that the effects of the crucial driver in the second quarter are sustainable. Additionally, Cowen also said that it is lifting its ad forecast after higher mobile ad revenue, including video and Instagram.
Prosensa Holding NV (NASDAQ:RNA): Current price $7.25
Protensa shares are down almost 70 percent in morning trading Friday in extremely heavy volume after the firm and GlaxoSmithKline announced that the latter’s Phase III clinical study of drisapersen, an investigational antisense oligonucleotide, for the treatment of Duchenne Muscular Dystrophy patients who have an amenable mutation failed to meet the primary endpoint of a statistically significant improvement in the 6 Minute Walking Distance test compared to placebo.
It is anticipated that full evaluation of the benefit-to-risk profile of drisapersen treatment across all studies should be completed by the end of 2013. This might include analyses of pooled results from several drisapersen studies.
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