JC Penney Plunges After Q4 Report

J C Penney Company Inc JCP shares are trading lower by $0.60 (8.5 percent) at $6.26 in Friday's session. Before the open, the company reported a Q4 EPS beat of $0.03 along with a slight revenue beat.

However, JC Penney is being pounded for the iffy guidance it provided, forecasting FY 2017 EPS to be in the $0.40-$0.65 range vs. estimates of $0.56. What's also alarming investors is the closure of up to 140 stores in only a matter of a few weeks. That represents 13-14 percent of its current portfolio.

See Also: JC Penney To Close Up To 140 Stores, Offer Voluntary Retirement For As Sales Drop Continues

After a lower open, the stock managed a dime bounce to $6.72 before continuing its move lower. So far, the ensuing decline has taken the issue to $6.19 and is not far off that level.

That marks the lowest level for JC Penney's stock since January 2016, when it bottomed at $6.00.