J.C. Penney shares spike on encouraging outlook
The company reported a loss in the third quarter, but it says that sales trends will improve later this year.
The embattled retailer reported an adjusted loss of $1.81 per share in the third quarter, which may not compare with the consensus estimate for a $1.74 loss per share, as it includes a 73-cent loss per share on tax valuation allowance.
Revenue came in at $2.78 billion, below the consensus $2.80 billion estimate.
Despite a 4.8% drop in same-store sales in the third quarter, the company believes same-store sales trends will improve in the fourth quarter. In October, same-store sales were up 0.9%.
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[BRIEFING.COM] Equity indices have extended to fresh session highs with the Nasdaq pushing its gain to 1.1%. Chipmakers pressured the broader market earlier and remain among the laggards, but the PHLX Semiconductor Index has narrowed its loss to 0.5%.
Elsewhere within the tech-heavy space, biotechnology continues showing relative strength. The iShares Nasdaq Biotechnology ETF (IBB 222.59, +4.98) trades higher by 2.3% after finding support at its 200-day moving average, which is a ... More
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