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.
This article was posted: Friday, November 9, 2012 at 10:01 am