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Financial News Network
July 12, 2012 AT 8:28 AM
From Fnno.com, this is the Financial News Network, your source for the latest business news. Here's a few things to watch for in the financial world today July 11. J.C. Penney (NYSE:JCP) not fairing well as it continues to try and restructure its business. The department store chain announced its next round of layoffs, cutting 350 jobs at its headquarters in Plano, Texas. This will bring the total amount of layoffs to 3,100 employees, nearly 30 percent of its workforce. Investors are not convinced the layoffs or new strategy will bring J.C. Penney business back from the brink. Credit Suisse cut its estimates Tuesday, saying the company's second quarter sales will likely drop by 20 percent. The cut in forecast and negative outlook caused the stock to drop 6 percent Tuesday and could drop more today.Yet another company cutting their earnings guidance, electronics retailer hhgregg (NYSE:HGG) says it sees its full-year earnings between $0.90 and $1.05. This is down from the previous estimate of $1.12 to $1.27. The company said the cut is due to weakness in its video business. The company's CEO Dennis May said they will continue to compete on price as they plan to test new products to fill the void in their sales declines. Investors are running from this stock and will continue to into the trading session. HHgregg is down over 27% premarket.Finally, some good news from a company for a change. MagicJack Vocaltec has done the opposite of what most companies are doing right now and decided to raise its estimates for its second quarter results. The internet phone services company expects a profit between 48 to 52 cents per share, above its estimates of just 43 cents a share. MagicJack said the change is due to increasing sales of a new product called MagicJack Plus which can directly connect a home phone without the need to be attached to a computer. Yesterday shares of the company rose more than 17 percent so watch out for more movement in the coming session.Those were a few things to watch out for here on the Financial News Network. For more coverage and analysis of the business world check us out at fnno.com or follow us on twitter @FNNOnline. I'm Chuck Pierce.