The markets were mixed yet again as financials could not get a good day in today. The Dow 30 was lower by 2, the S&P 500 added 3, and the Nasdaq 100 was higher by 9. Next week starts with news on durable goods along with pending home sales.
JCPenny (JCP ) suffered a 5.83% loss today when the company announced earnings that were mixed. The weakness was due to the announcement that the struggling retailer would close over 100 stores and two distribution centers, as well as start a voluntary early retirement program for about 6,000 eligible employees. Shares moved to new lows on the news with well above average volume.
Footlocker (FL ) blasted off 9.36% higher today as earnings were better than Wall streets estimates,. It was also reported that same-store sales increased 5%. The company did say that sales were slower than last year but investors chose to overlook this due to the positive results.
Restoration Hardware (RH ) shot higher today by 24.45% after the high end furnishings retailer beat on earnings and announced better than expected forward guidance. The company also announced that its board of directors authorized as much as $300 million in stock buybacks. The move today puts the retailer back into positive territory for 2017.
