Retailer stocks got socked on second straight session on Friday, headlined by the plunge in shares of J.C. Penney Co. Inc. to a record low, amid another round of disappointing retail-sales results.
J.C. Penney’s stock JCP, -13.99% plunged 14% to a record low close of $4.55, after reporting a surprise adjusted profit, but revenue and same-store sales that fell more than expected. The selloff comes on the heels of a 7.4% tumble on Thursday.
The troubled department-store chain’s stock began trading in January 1972, according to FactSet data. The previous record low close was $5.03 on March 24, 1980, while the record high was $86.35 on Feb. 21, 2007.