Stocks turn higher…Walmart beats expectations…Mixed news from JC Penney
NEW YORK (AP) – Stock indexes are edging mostly higher in morning trading on Wall Street, shaking off an early stumble. Gains in energy and industrial companies are offsetting losses in technology and health care stocks. The price of crude oil is rising.
NEW YORK (AP) – Walmart is reporting better-than-expected profit and revenue for the first quarter with rebounding online sales. Revenue at Walmart stores opened at least a year rose a solid 2.1 percent. Online sales rose 33 percent, a strong showing after a disappointing 23 percent increase in the final quarter of last year. Walmart expects 40 percent growth in online sales this fiscal year, but it’s a distant second to Amazon.
PLANO, Texas (AP) – J.C. Penney is reporting a first-quarter loss along the lines of what analysts had expected, but also strong revenue. However, the company’s outlook for the year is short of most projections. The loss was $78 million, or 25 cents per share. Adjusted for one-time items, was 22 cents per share. The department store chain posted revenue of $2.67 billion, beating projections of $2.6 billion. It expects full-year results to range from a loss of 7 cents per share to earnings of 13 cents per share.
CINCINNATI (AP) – Kroger is upping its investment in the British online grocer Ocado as it fends off Amazon.com and other online threats to traditional grocers. Kroger says a subscription rights agreement will give it access to Ocado’s online ordering, automated fulfillment and home delivery technology in the U.S. Kroger Co. and Ocado will choose three sites for development of new, automated warehouse facilities in the U.S.
ATLANTIC CITY, N.J. (AP) – The Miss America Organization is putting women in its three top leadership positions following an email scandal involving former male leaders of the scholarship group. The organization tells The Associated Press it is appointing Regina Hopper as president and CEO of the Miss America Organization, and Marjorie Vincent-Tripp as chairwoman of the board of the Miss America Foundation.