Big Movers: BCRX, WU, JCP, VRSN, GNW

Following are the notable percentage movers at afternoon session on Wednesday’s session:-

BioCryst Pharmaceuticals, Inc.(NASDAQ:BCRX) shares slumped 29% after the company yesterday announced that the drug-maker withdrew its Investigational New Drug application for its antiviral nucleoside treatment for hepatitis C, BCX5191. The FDA has raised concerns related to the drug's preclinical toxicity profile at levels necessary for it to be effective.

The Western Union Company(NYSE:WU) is experiencing a sharp selloff in Wednesday’s session and hit a new low of $12.48, now down 28.44% to $12.83. The stock slumps after the company trimmed its earnings guidance for the full year on increased competition.

The company now projects to earn $1.65 to $1.68 a share, well below its previous guidance of $1.73 to $1.77 a share. The company said it was planning to cut costs and save $30 million annually by 2014.

The company posted net income of $269.5 million, or 45 cents a share on revenue of $1.42 billion. Analysts were estimating the company to earn 45 cents a share on revenue of $1.47 billion.

J.C. Penney Company, Inc.(NYSE:JCP) lost 5.66% as the company posts a 30% clearance offer on its website and texts the same deal to customers in a move that reverts back to its old promotional ways of clearing inventory. Though the pricing strategy doesn't cover regularly priced merchandise, it still feels like a bit of a reversal off of Ron Johnson's one-price model. At the very least, the retailer may be trying to squeeze out a little more juice for FQ3 numbers after seeing same-store sales plummet in FQ1 and FQ2.

Verisign, Inc.(NASDAQ:VRSN) slid 5.10% as worries mount about the Commerce and Justice departments' reviews of Verisign's offer for a 6-year renewal of its deal to run the registry for .com domain names. The company noted in last week's Q3 report that the Commerce department might not complete its review before the Nov. 30 expiration of Verisign's current deal, in which case a 6-month extension kicks in. Verisign's offer gives it the right to raise prices by 7% four times over the course of the deal.

Genworth Financial Inc(NYSE:GNW) shares soared 9% following earnings last night reflecting improvement in the housing market: U.S. mortgage insurance operations posted a $38M loss, a $41M improvement from last year, and against total company earnings of $34M. On the earnings call, management says it expects to IPO its Australian mortgage unit before the end of fiscal 2013.

You have read this article BCRX / GNW / JCP / VRSN / WU with the title JCP. You can bookmark this page URL https://calliecountrychatter.blogspot.com/2012/10/big-movers-bcrx-wu-jcp-vrsn-gnw.html. Thanks!

J.C. Penney Company Inc. (NYSE:JCP) starts of holiday season with $10 coupons to customers

Clothing’s retailer J.C. Penney Company, Inc.(NYSE:JCP) has kick-started the holiday season with customers getting an email from Chief Executive Ron Johnson accompanied by a $10 coupon.

Incidentally the enclosed coupon surprised many as Johnson, in January, had said that the company should move away from trying to lure customers with deals and coupons.

"Coupons were a drug," he told a conference in May.

And now here is the company, starting off the crucial holiday season with a coupon.

In the email, the CEO said that the coupon was an incentive to customers to see the new stores of the company. Johnson has reduced the number of coupon and sales promotion that the retailer normally indulges in and has also refurbished the 1100 stores that stretch across the country.

J.C. Penney has seen reduced traffic for a while now, the effects of a series of marketing blunders and miscommunications with customers.

While Johnson may have tried to provide incentives to customers, investors were not incentivised.

Coupons and deals are used by companies, especially clothing’s retailers, to lure customers to the market. It also creates a loyal band of customers, who may be induced to visit the stores when there are n sales happening.

J.C. Penney is trying to position its stores as places here people can hangout, sipping coffee or maybe attending yoga sessions. The idea is to give them the feeling of a town square.

Analysts however feel that customers used to coupons and deals may not take kindly to the changes, that are occurring at a very fast pace.

Shares of the company soared 8.50% in Thursday’s session and down 1% in today’s trading session.

You have read this article J.C. Penney Company Inc. (NYSE:JCP) / JCP / NYSE:JCP with the title JCP. You can bookmark this page URL https://calliecountrychatter.blogspot.com/2012/10/jc-penney-company-inc-nysejcp-starts-of.html. Thanks!