Why J.C. Penney Company, Inc. Stock Plunged Today

Shares of J.C. Penney Company, Inc. (NYSE: JCP) tumbled Friday after the department store chain posted an underwhelming second-quarter earnings report.

Comparable sales fell again, dropping 1.3%, and the company saw gross margin compress 200 basis points as it liquidated 127 stores. It also reported a wider loss than expected with an adjusted loss per share of $0.09, compared to expectations at a loss of $0.05 and down from a loss of $0.05 a year ago.

The stock had given up 17.2% at 1:04 p.m. EDT.

Source: Fool.com