Macy’s Inc. shares fell 2.8% in Friday premarket trading and Kohl’s Corp. stock sank 4.8% after fellow department store J.C. Penney Co. Inc. issued a profit warning for the third quarter and full year. J.C. Penney shares are down 15.3% in premarket trading. J.C. Penney updated its guidance after the company said inventory clearance, primarily in the women’s apparel department, gave sales a boost in September and October, but hurt earnings and other metrics. J.C. Penney shares are down 56% for the year to date while Macy’s shares are down 40.4% for the period, and Kohl’s shares are down 9.6%. The SPDR S&P Retail ETF is down 7.5% for 2017 so far, and the S&P 500 index has surged 14.4% for the period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News