Morning Money Memo …
ABC News’ John Kapetaneas reports:
JC Penney has seen its stock soar nearly 20 percent in after-hours trading after reporting net sales of $2.8 billion as compared to $2.64 billion in the first quarter of 2013.
Although the company is not turning a profit, losing $352 million in the last year, investors and company executives appeared optimistic at their outlook.
“It is clear that our efforts to re-merchandise many areas of the store and revamp our messaging to the customer are taking hold,” CEO Mike Ullman said in a release.
The company had lost 11 percent of its value since this time last year, and nearly 91 percent since it’s high in 2007.
Will Uber Be Silicon Valley’s Next Giant?
The San Francisco-based car-booking site is said to be in talks for a new round of financing that could value the company at more than $10 billion, according to Bloomberg.
Representatives for the company could not immediately be reached for comment.
Not one to be outdone, social media scrapbook Pinterest announced Thursday that it has raised $200 million in further funding, boosting the company’s valuation to $5 billion.
Lunesta Dosage Change
Sunovion Pharmaceuticals is lowering the starting dose of its sleep aid, Lunesta, by half at the suggestion of the Food and Drug Administration. A study found risks for patients the morning after taking the drug, including drowsiness and problems driving. Patients will be able to increase their dosage as they continue taking the drug.
How Much Is Your President Worth?
President Obama and first lady Michelle Obama are worth an estimated $7 million, according to financial disclosure forms released Thursday. The report showed assets for the first family worth between $1.8 million and $7 million for last year, which was barely a change from the year before. The Obamas’ net worth, although substantial, is the lowest of any sitting president since Harry Truman in 1945, and considerably lower than those of President Bush ($28 million) and Clinton ($38 million). In 2010, 24/7 Wall Street ranked the U.S. presidents according to net worth, adjusted for inflation; Truman’s was listed at less than $1 million; the wealthiest, George Washington, the first president of this country, was estimated to be worth $525 million.
‘Godzilla’ Looking Like a Monster at the Box Office
The destructive lizard has gotten a new look for 2014, and the results could be spectacular. The $160 million blockbuster could gross $70 million in weekend ticket sales, according to some estimates. It will be competing with Disney’s “Million Dollar Arm” and last week’s box office king, “Neighbors.”