8-20-13 4:18 PM EDT | Email Article
 

By Sue Chang and Saumya Vaishampayan, MarketWatch

 

SAN FRANCISCO (MarketWatch) -- J.C. Penney Co. shares closed higher in volatile trade on Tuesday after the retailer reported weak quarterly results, which it offset with a more upbeat outlook.

 

Gainers

 

Best Buy (BBY) shares jumped 13%. The retailer's second-quarter earnings beat analyst estimates, with a surge in profit and a smaller-than-expected drop in revenue. Best Buy shares have surged 159% in 2013 through Monday's close.

 

Shares of J.C. Penney (JCP) climbed 6% after the department store said it swung to a wider loss in the second quarter as total net sales dropped 12%. But Penney projected it would end 2013 with more than $1.5 billion in liquidity and said back-to-school performance had been encouraging. The stock has been going through wild swings, surging as much as 7% earlier before dropping into negative territory and then back again.

 

Netflix Inc. (NFLX) rose 5.2%. The online video streaming company on Tuesday announced a new content deal with The Weinstein Company. As part of the deal, Netflix will offer first-run films from Weinstein beginning in 2016. The agreement covers new Weinstein and Dimension films that are making their first appearance on pay TV after being released in theaters.

 

TJX Cos. (TJX) shares gained 6.9% after the discount retailer said Tuesday its second-quarter earnings rose 14% to $479.6 million, or 66 cents a share.

 

Shares of Urban Outfitters Inc. (URBN) soared 8.2%. The company, which operates Urban Outfitters, Anthropologie and Free People stores, posted a 25% rise in second-quarter profit late Monday. Overall net sales rose 12% and comparable retail sales in the three segments were led by 38% growth at Free People.

 

Decliners

 

Barnes & Noble Inc. (BKS) shares slumped 12%. The book seller on Tuesday said its first-quarter loss widened to $87 million, or $1.56 a share, from $39.8 million, or 76 cents a share. Separately, Chairman Leonard Riggio said he no longer plans to buy the company's retail business.

 

Dick's Sporting Goods Inc. (DKS) shares fell 7.8%. The sporting-goods store reported its second-quarter profit rose to $84.2 million, or 67 cents a share, from $53.7 million, or 43 cents, in the year-earlier period. Excluding charges, the company said it earned 71 cents a share, which fell short of its target of 75 cents to 77 cents.

 

Medtronic Inc. (MDT) shares slid more than 2%, the worst loser in the S&P 500. The company reported its first-quarter profit rose 10% but said sales of defibrillators remained under pressure.

 

Top Tickers Trending

 

$FB: Facebook Inc. (FB) shares extended gains for a third session to rise 1.6%. Tony Wible at Janney Capital initiated coverage of the stock at a buy with a fair value target of $50. "We see FB benefiting from many of the obvious drivers like the massive secular move to mobile advertising, the scaling of recent investments (as soon as 2014), the consolidation of ad inventory around fewer publishers, and the growing demand for marketing segmentation and efficiency (especially in mobile)," said Wible in a note.

 

$HD: Shares of Home Depot Inc. (HD) seesawed back and forth before closing down 1.2%. The company's second-quarter profit rose to $1.8 billion, or $1.24 a share, from $1.53 billion, or $1.01 a share, in the year-earlier period, with profit and revenue beating analyst expectations.

-Sue Chang; 415-439-6400; AskNewswires@dowjones.com

 

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(END) Dow Jones Newswires

08-20-13 1618ET

Copyright (c) 2013 Dow Jones & Company, Inc.
Copyright 2014 MarketWatch
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Morningstar - 2013/8/20 - UPDATE: Tuesday's movers: Penney rallies in volatile trade
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