U.S. markets are set to open low on Friday after President Donald Trump said trade wars are good, and the entire world is worried about this kind of comment.
Shares of J.C. Penney Company Inc. (JCP, Financial) lost almost 10% in morning trading on the heels of the company posting its financial results for the fourth quarter. For the quarter, the company reported an annual net sales growth of 1.8% to $4.03 billion, while its profit advanced to 57 cents per share. Moreover, the results beat analysts’ estimates by 10 cents in earnings per share, but missed revenue estimates by $20 million.
Marvin R. Ellison, chairman and CEO said: "Through the hard work and dedication of the entire JCPenney team, we delivered our second consecutive year of positive adjusted earnings. For 2017, we improved adjusted earnings per share by 175%, reduced our outstanding debt levels by over $600 million and generated over $200 million of free cash flow. During the fourth quarter, we delivered our strongest positive sales comps and achieved our largest gross margin improvement for the year."
Looking ahead, the company's 2018 full year guidance consisted of comparable store sales growth of 2.0% and adjusted earnings per share between 5 cents and 25 cents.
Gainers
• The Gap Inc. (GPS, Financial)
• Microchip Technology Inc. (MCHP, Financial)
• Perrigo Company PLC (PRGO, Financial)
• NRG Energy Inc. (NRG, Financial)
Losers
• Foot Locker Inc. (FL, Financial)
• McDonald's Corp. (MCD, Financial)
• The Boeing Co. (BA, Financial)
• NVIDIA Corp. (NVDA, Financial)
Global markets
The main European stock markets closed in negative territory. The U.K.'s FTSE lost 1.20%, France's CAC retreated 2.01%, Spain's Ibex fell 1.77% and Germany's Dax lost 2.05%
In Asia, Japan's Nikkei lost 2.5%, India’s BSE Sensex fell 0.40%, Hong Kong's Hang Seng retreated 1.48% and China´s SSE Composite slid 0.59%.
Disclosure: The author holds no positions in any stocks mentioned.
