Why J.C. Penney, Genworth Financial, and MGM Resorts International Slumped Today
Monday was a good day for the stock market, as the Dow Jones Industrials hit another record high and major market benchmarks were generally up modestly. Despite several tragic events in the news, market participants still felt optimistic enough about the prospects for American businesses to bid share prices up. Yet some downbeat news regarding several companies put a crimp in their share prices. J.C. Penney (NYSE: JCP), Genworth Financial (NYSE: GNW), and MGM Resorts International (NYSE: MGM) were among the worst performers on the day. Below, we'll look more closely at these stocks to tell you why they did so poorly.
J.C. Penney fell almost 6% on a poor day for the retail sector in general. Many department stores suffered in light of news that a major upscale retailer that had reportedly sought to take itself private had run into trouble finding the necessary outside funding for a leveraged buyout. J.C. Penney shares have lost more than half their value so far in 2017, despite store closings and other moves geared toward improving efficiency and maximizing opportunity. The retailer continues to lose money, and shareholders worry it may never regain the full measure of its past success.
Image source: J.C. Penney.
Source: Fool.com