November 9, 2012
U.S. stocks opened little changed Friday, as disappointing corporate results weighed on sentiment.
The Dow Jones industrial average dropped 0.1%, while the S&P 500 and Nasdaq Composite eked out modest gains.
J.C. Penney (JCP, Fortune 500) reported a much larger than expected loss, sending its shares tumbling 8%. The company lost 93 cents a share excluding special items, while analysts surveyed by Thomson Reuters were forecasting a loss of only 7 cents. Sales also fell short of forecasts. It marked the third straight quarter of bigger than forecast losses at J.C. Penney as new CEO Ron Johnson struggles to remake the company.