- C. Penney Company, Inc. (NYSE:JCP) [Detail Analytic Report] plunged over 9.74% during Friday trading session as it reported that it has once again teaming up with Michael Strahan, this time to launch MSX by Michael Strahan, an exclusive new line of active lifestyle apparel for men. Available in about 500 JCPenney stores starting May 21, this is the second clothing line for Strahan at JCPenney. Collection by Michael Strahan, an exclusive line of men’s tailored accessories and clothing, launched in 200 JCPenney stores previous fall and is now available in 500 locations due to overwhelming customer response.
Strahan stated that he had a lot of fun creating his first line with JCPenney, Collection by Michael Strahan, but he realized that in addition to great tailored pieces, men also need comfortable, stylish clothes that can be worn anytime. MSX by Michael Strahan is inspired by his active lifestyle and provides men trendy, yet functional pieces that can be worn everywhere all for a great value. He is really excited to be part of what’s happening in the overall athleisure movement.
John Tighe, chief merchant for JCPenney stated that Michael Strahan is a great brand partner and his first collection was so successful that it was an easy decision to create a second, more casual line together. The highly experienced design and sourcing teams at JCPenney worked closely with Michael to develop an innovative active lifestyle collection that provides men stylish, quality looks for an affordable price. Exclusive partnerships, like the one with Michael Strahan, instill newness into their stores, giving customers a dynamic shopping experience that can’t be found anywhere else.
Genpact Limited (NYSE:G) [Detail Analytic Report] released profit of $58.6 million in its first quarter. Genpact Limited declared that it had net income of 27 cents a share. Earnings, revised for stock option expense and amortization costs, came in 31 cents a share. N.V. “Tiger” Tyagarajan, president and CEO of Genpact stated that they delivered solid results, driven by continued strong momentum in their core Global Client BPO business in a challenging worldwide economy.
Tyagarajan added he believe they are in a better position today than they have ever been to meet the transformational needs of their clients, particularly in a world that is changing at a rapid pace. Their highly differentiated Lean DigitalSM approach, which delivers the full power of digital focused on mid and back office operations, is resonating in the marketplace as they are being invited to more and more CXO-led transformation conversations. In addition, they believe Lean DigitalSM is extending their addressable market in their chosen verticals, service lines and geographic markets, and enabling faster and greater client penetration than earlier possible.
Genpact Limited declared its first quarter revenue of $609.7 million, which missed Street forecasts. According to analysts polled by Zacks has expected $613.7 million. Genpact expects full-year earnings to be $1.40 to $1.42 a share, with revenue in the range of $2.62 to $2.66 billion.
Chief Executive of Fiserv, Inc. (NASDAQ:FISV) [Detail Analytic Report], Jeffery Yabuki commented after the firm released first quarter results that they are pleased with their start to the year including 7 percent internal revenue growth in the Payments segment and outstanding operating performance. Their business model continues to produce high-quality revenue, strong adjusted earnings a share and outstanding free cash flow.
Fiserv declared earnings of $289 million in its first quarter. On a per-share basis, the Wisconsin-located firm reported that it had profit of $1.27. Earnings, revised for one-time gains and costs, came in $1.06 a share. The results beat Wall Street outlooks. The average estimate of experts polled by Zacks Investment Research was for earnings of $1.02 a share.
Fiserv announced revenue of $1.33 billion in the quarter, which fell short of Street forecasts. According to analysts polled by Zacks has expected $1.34 billion. Fiserv expects full-year earnings to be $4.32 to $4.44 a share. Shares of Fiserv have rose 8.5 percent since the starting of the year, while the S&P 500 index has stayed nearly flat.