Warren Buffet Increases Stake in Wal-Mart and J.C. Penney Q1 Earnings Beat Analysts' Expectations
Wal-Mart Stores Inc. (NYSE: WMT) has gained the confidence of Warren Buffet who has added to Berkshire Hathaway's bet on Wal-Mart, increasing its stake in the retailer by 17 percent to 58.05 million shares during the first quarter. With a total value of $4.46 billion, the Wal-Mart stake is most likely being controlled by Buffett himself.The company recently reported slower sales growth and forecast disappointing earnings citing bad winter weather.
Wal-Mart Stores Inc. operates retail stores in various formats worldwide. The company operates through three segments: Walmart U.S., Walmart International, and Sams Club. It operates discount stores, supermarkets, supercenters, hypermarkets, warehouse clubs, restaurants, apparel stores, drug stores, and convenience stores, as well as various retail Websites, such as walmart.com and samsclub.com.
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J. C. Penney Company, Inc. (NYSE: JCP) delivered first-quarter earnings results that came in well above Wall Street's expectations. Same store sales also surged past expectations. The company's comparable store sales came in at 6.2% above consensus expectations of 4% growth for the quarter, according to Thomson Reuters. The company reported a quarterly net loss of $352 million, or $1.15 a share. This came in betteer than EPS loss it took in the first quarter of 2013 of $348 million, or $1.58 a share. Net sales rose 6.3% to $2.801 billion for the quarter. Analysts were expecting a loss of $1.25 a share. Revenue growth was expected to rise a mere 3% to $2.707 billion, according to Thomson Reuters.
J. C. Penney Company, Inc., through its subsidiary, J. C. Penney Corporation, Inc., sells merchandise through department stores in the United States. The company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products, and home furnishings, as well as provides various services, including styling salon, optical, portrait photography, and custom decorating.
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