On Tuesday, Shares of J C Penney Company Inc (NYSE:JCP), included 3.85% and shut at $9.72 inside the end purchasing and offering session. The last exchanging scope of the stock ranges amongst $9.42 and $9.80. J. C. Penney Company, Inc. (JCP) recently declared financial results for its third quarter ended Oct. 29, 2016. Comparable sales were (0.8) % for the third quarter, providing a two-year stack of 5.6 %. Net loss improved 42 % as compared to the prior year to $(67) million.
“We are happy to see strong sales performance in the growth programs we talked about at our most recent analyst meeting. The results of these programs are reflected in a positive sales comp in the month of October, driven by over 200 basis points of comp benefit from our 500 new appliance showrooms. We view our October sales results – specifically our acceleration in the last two weeks of the month – and the benefit from appliances as examples of what we expect for the balance of the fourth quarter. Despite experiencing softness in apparel sales, we are continuing to improve the bottom line of our business thanks to the commitment and hard work of our over 100,000 Associates.”
Shares of Fifth Third Bancorp (NASDAQ:FITB), added 1.12% and shut at $26.14 inside the last exchanging session. The rest of the purchasing and offering scope of the stock levels among $25.75 and $26.18. The association’s commercial center capitalization is $19.88 Billion with the general uncommon loads of 755.61 million. Vantiv, Inc. (VNTV) conducted a secondary offering of 4.8 million shares of its Class A common stock on behalf of Fifth Third (FITB). Vantiv is also conpresently repurchasing 850,000 shares of Vantiv Class A common stock from Fifth Third. The 5.65 million shares being sold by Fifth Third through these transactions were obtained through the net exercise of the entire remaining warrant position in Vantiv Holding, LLC and the exchange of those Vantiv Holding, LLC units for Class A shares of common stock in Vantiv, Inc. The warrant position gave Fifth Third the right to purchase about 7.8 million Class C units at a $15.98 strike price, which was settled through the net issuance of 5.65 million units.
The warrant exercise and related sale of Vantiv stock is consistent with Fifth Third’s aim of monetizing its remaining stake in Vantiv over time. The exercise of the entire remaining warrant will also serve to reduce the volatility of Fifth Third’s earnings by eliminating fair value adjustments related to the warrant. “We continue to take a deliberate and thoughtful approach to reducing our ownership interests in Vantiv,” said Greg Carmichael, Chief Executive Officer of Fifth Third. “Since the sale of a majority interest in Vantiv in 2009, the warrant position has generated about $528 million in after-tax value for Fifth Third’s shareholders.”