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J.C. Penney (NYSE:JCP) shares have reversed the pre-market sell off after its second quarter earnings missed analysts’ expectations. The company saw an adjusted earnings per share loss of $0.37 vs. the previous year’s profit of $0.19; revenue tanked 23 percent to $3.02 billion and Internet sales plummeted 33 percent. J.C. Penney also said it probably won’t meet its fiscal year guidance.
IBM (NYSE:IBM) has casually spoken to Research in Motion (NASDAQ:RIMM) about buying its network operations centers (NOCs); these secure and compress content sent to BlackBerries, reported Bloomberg. RIM has been asked to change its NOCs into an independent business that services numerous platforms, but it hasn’t been supported. Co-CEO Jim Balsillie had left because he was a proponent of this.
Chesapeake Energy (NYSE:CHK) has been named in a U.S. antitrust investigation for its purchase and lease of oil and gas rights. The company supposedly worked with Encana (NYSE:ECA) to hold down land prices in possible oil and gas opportunities in Michigan.
Lions Gate (NYSE:LGF) had a surprising fiscal first quarter net loss of $44.2 million, down from the previous year’s $10.3 million profit. This came from a $90 million rise in film-marketing costs. On a positive note, revenue increased 81 percent and exceeded forecasts, assisted by the “The Hunger Games” success and Summit Entertainment takeover.
Yahoo (NASDAQ:YHOO) CEO Marissa Mayer is going over the company’s capital allocation strategy; this could result in ending the $5.5 billion stock buyback program connected to Alibaba’s $7.1 billion, 50 percent repurchase of Yahoo’s 40 percent share in the Chinese company. Activist investor Dan Loeb, who supported Mayer’s employment, is probably displeased with the news.
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