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MarketWatch MarketPulseMay 22, 2018
J.C. Penney shares sink 8.8% after CEO Ellison leaves for Lowe's
J.C. Penney Co. Inc. shares sank 8.8% in Tuesday premarket trading after the retailer announced that Chief Executive Marvin Ellison has resigned to become head of Lowe's Co. He will remain as director and CEO through June 1, but will step down from his role as chairman of the board immediately. Lead Independent Director Ronald W. Tysoe will serve as chairman and an Office of the CEO has been established, comprised of Chief Financial Officer Jeff Davis, Chief Customer Officer Joe McFarland, Chief Digital Officer Therace Risch and Executive Vice President of Supply Chain Mike Robbins. The four will share equal responsibility until a new CEO is named. Lowe's shares are up 2.6% after Ellison was named CEO of the home repair retailer, effective July 2, 2018, succeeding Robert Niblock, who previously announced plans to retire. In addition to J.C. Penney, Ellison has also served in senior-level operations roles at Home Depot Inc. . J.C. Penney shares are down nearly 21% for the year to date, Lowe's shares are down 6% for the period, and the S&P 500 index is up 2.2% for 2018 so far.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Google Business NewsMay 22, 2018
Tesla still isn't shipping its $35000 Model 3 — and Elon Musk keeps shifting his production targets - Recode

Recode


Two years ago, Elon Musk unveiled Tesla's first mass-market vehicle — the Model 3, starting at $35,000 — inspiring hundreds of thousands to deposit $1,000 to get on the waiting list. But the company still isn't shipping those entry-level, $35,000
Elon Musk says Tesla will fix Model 3 braking issues after


MarketWatchMay 22, 2018
Europe Markets: European stocks climb as Italy tensions ease for now
European stocks moved higher on Tuesday, with Italy remaining in focus as the country's president considered the candidate put forward by a euroskeptic alliance to lead their coalition government.

Reuters BusinessMay 22, 2018
EU doubts if offer can prevent Trump tariffs or steel caps
BRUSSELS (Reuters) - European Union proposals to open its markets wider to U.S. products, including cars, appear not to have persuaded Washington to lift the threat of import tariffs on EU steel and aluminum, the bloc's trade chief said on Tuesday.

RELATED ARTICLES
China slashes tariffs on imported cars - CNNMoney (Google Business News)

MarketWatchMay 22, 2018
Market Snapshot: Stock market struggles to push higher
U.S. stocks are trading modestly higher on Tuesday, as the dollar pulled back and trade tensions between the U.S. and China showed further signs of easing.

Reuters Company NewsMay 22, 2018
UPDATE 7-Oil jumps back above $80/bbl on mounting supply concerns
* Coming Up: API weekly U.S oil data at 4:30 p.m/2030 GMT (Updates prices, market activity, adds commentary; changes byline, dateline; previous LONDON)

RELATED ARTICLES
Futures Movers: Oil prices hover at 3 1/2-year highs on expectations for tighter global supply (MarketWatch)

Forbes HeadlinesMay 22, 2018
Market Sentiment Appears Positive as China, U.S. Back Away From Trade War
After stocks rallied yesterday on news that the potential trade war between the U.S. and China was being put on hold, the positive news flow continued.

MarketWatch MarketPulseMay 22, 2018
Macy's upgraded on same-store sales growth potential
Macy's Inc. shares rose 2.1% in Tuesday premarket trading after the department store retailer was upgraded to positive from neutral at Susquehanna Financial Group. Analysts led by Bill Dreher said the company's initiatives have created the potential for same-store sales growth that outpaces its guidance. Susquehanna raised its price target to $43 from $25. Macy's raised its outlook in its most recent earnings report, and now expects fiscal 2018 EPS of $3.75 to $3.95, excluding the anticipated settlement of charges tied to benefit plans and other charges. This is 20 cents higher than previous guidance and ahead of the $3.61 FactSet consensus. Same-store sales on an owned-plus-licensed basis are expected to be up 1% to 2%. The FactSet consensus is for 1.2% growth. "[F]or Macy's, fashion is selling very well right now, and it's been years since fashion has sold well," Susquehanna said. Tourism is also expected to turn into a tailwind. Macy's was seemingly unaffected by the weather in the previous quarter, unlike other retailers, and the company seems poised to overcome what Susquehanna calls "the worst spring shopping weather in 25 years." Macy's innovation is outshining the competition, analysts wrote. "The pent-up demand from the late arrival of weather should help Macy's beat again in FQ2:18, as we expect Macy's to out-comp the competition." Macy's shares are up nearly 48% for the past year while the S&P 500 index is up 14.2% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



The Motley FoolMay 22, 2018
3 Stocks for the Booming E-Commerce Market
These companies cover all the bases of the online shopping experience.

MarketWatchMay 22, 2018
Share buyback boom remains in overdrive after tax revamp
The stock buyback boom continued apace in the second-quarter earnings season that is now drawing to a close with U.S. companies announcing $6.1 billion of buybacks a day, according to Trim Tabs Investment Research.

MarketWatchMay 22, 2018
BJ's Wholesale IPO: 5 things to know about the Costco competitor
BJ's Wholesale, which will go public with the ticker "BJ," competes in the same warehouse retail space as Costco and Walmart's Sam's Club.
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