Market Overview

Rackspace Massively Attractive, Kingold Jewelry, Nordstrom And J.C. Penney Numbers To Look At

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Keep a close eye on Rackspace Hosting, Inc. (RAX). Reports indicate that several companies have expressed interest in RAX but have yet to make any acquisitions

According to Credit Suisse, RAX could be attractive for Cisco Systems (CSCO), Hewlett-Packard (HPQ) and Dell, among others.

Brokerage firm Piper Jaffray said that the list of potential buyers for RAX is "extensive" and includes Cisco Systems (CSCO), EMC Corporation (EMC) and VMware (VMW), Google (GOOG), Amazon.com (AMZN) and Red Hat (RHT)

RAX has hired Morgan Stanley to seek strategic options that could include an acquisition of the company or teaming up with bigger technology companies.

For the first quarter 2014, RAX posted net revenue of $421 million, a 3.2% increase compared to the previous quarter, and net income of $25 million representing a 22.3% increase sequentially. For the second quarter of 2014, RAX expects quarter-over-quarter sequential net revenue growth of 3% to 4.5%, resulting in net revenue in the range of $434 million to $440 million.

Rackspace Hosting, Inc. (RAX) is the open cloud company, delivering open technologies that power business customers around the globe.

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Crown Equity Holdings Inc. (CRWE) is currently developing its CRWE Network (CRWE-PR), a social networking service which business model is based on selling advertising to local businesses.

The CRWE-PR Finance website (www.finance.crwe-pr.com), in development stage and currently online, allows CRWE the instant distribution of information to the entire CRWE Network community of websites in the U.S. and Canada

The CRWE Network has reached the 555th community website in the U.S., associated with 2127 ZIP Codes, and includes coverage of the greater state of California, Northern and Southern Nevada, Wellington in Florida and 10 provinces in Canada

CRWE provides marketing solutions that boost customer awareness and merchant visibility on the Internet.

More about Crown Equity Holdings Inc. (CRWE) at www.crownequityholdings.com or the CRWE Network at www.CRWE-PR.com

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As a result of its expanded production, Kingold Jewelry, Inc. (KGJI) achieved solid operating results during the first quarter of 2014.

For the period, KGJI posted net sale of $307.5 million, a 38.9% increase year over year, gross profit of $27.9 million, a 392.8% increase compared to the same period the prior year, and net income of $16.1 million, or $0.24 based on 66.6 million weighted average diluted shares outstanding, compared to net income of $3.0 million, or $0.05 per diluted share based on 61.2 million diluted shares outstanding, in the first quarter of 2013.

According to its outlook, KGJI reiterates its gold processed will be between 60 metric tons and 70 metric tons during 2014.

Kingold Jewelry, Inc. (KGJI) is one of China's leading designers and manufacturers of 24-karat gold jewelry, ornaments, and investment-oriented products.

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For the first quarter 2014, Nordstrom Inc. (JWN) posted net sales of $2.8 billion, a 6.8% increase year over year, and earnings per diluted share of $0.72, which exceeded its prior outlook of $0.60 to $0.70.

JWN reported that it will seek a financial partner for its Nordstrom credit card receivables, which totals approximately $2 billion.

Brokerage firm RBC Capital Markets has raised its price target from $67.00 to $75.00 per share, while research firm Topeka Capital Markets has raised its price target from $68.00 to $73.00 per share on JWN

Nordstrom Inc. (JWN) is one of the leading fashion specialty retailers based in the U.S.

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After the closing bell on Thursday, J. C. Penney Company, Inc. (JCP) reported its second consecutive quarter of growth.

On its first quarter fiscal 2014, JCP posted net sales of $2.80 billion compared to $2.64 billion in the same period the prior year, while same store sales increased 6.2% and improved sequentially each month within the quarter.

For the second quarter of 2014, JCP expects comparable store sales to increase mid-single digits.

J. C. Penney Company, Inc. (JCP), one of the nation`s largest apparel and home furnishing retailers, is dedicated to becoming America`s preferred retail destination for unmatched style, quality and value.

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The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

 

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