Stocks to Watch: Deere, Target, J.C. Penney (Update 1)
NEW YORK --
Analysts, on average, expected earnings of $2.53 a share.
Deere also raised earnings guidance for the year to $3.35 billion.
Shares of Deere rose 1.15% in premarket trading Wednesday to $77.50.
First-quarter adjusted earnings were $1.11 a share.
Analysts, on average, anticipated Target would post a profit of $1.01 a share on revenue of $16.86 billion.
Target said earlier this month that same-store sales rose 5.3% in the first quarter, its strongest quarterly performance in more than six years.
Shares of Target rose 2.58% in premarket trading Wednesday to $56.50.
J.C. Penney expects to have additional restructuring charges in 2012 so it dropped its outlook for GAAP earnings of $1.59 a share for the year. Eliminating the quarterly dividend of 20 cents a share is expected to save J.C. Penney $175 million annually.
Shares J.C. Penney dropped 13.54% to $28.81 in premarket trading Wednesday.
The first quarter included $28 million in pretax expenses, or 3 cents a share, related to staff reductions and a contractual dispute from the acquisition of Corporate Express.
On average, analysts expected the company to earn 30 cents a share in the first quarter on sales of $6.18 billion.
Shares of Staples fell 4.07% in premarket trading Wednesday to $14.15.
Teen retailer Abercrombie & Fitch
The company was forecast by analysts to post first-quarter profit of 2 cents a share.
Shares of Abercrombie & Fitch fell 7.14% in premarket trading Wednesday to $42.16.
Shares of GE rose 2.45% in premarket trading Wednesday to $18.85.
-- Written by Joseph Woelfel
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