Yahoo Finance is tracking JCPenney, Dick’s Sporting Goods, and General Electric in intraday trading on Friday.
JCPenney (JCP) – The department store disappointed Wall Street after reporting sales that missed estimates. JCPenney posted revenue of $2.71 billion while its same-store sales declined 3.5%. Analysts were expecting revenue of $2.77 billion and a 0.6% drop in same-store sales. During its earnings call, chairman and CEO Marvin Ellison said, “This disappointing top line result was, in large part, due to a very difficult month of February. Although we’re less than pleased with the overall top line sales results for the first quarter, we were encouraged by the positive comp performance achieved in April.”
Dick’s Sporting Goods (DKS) – The retailer is under pressure after disclosing an accounting error. In a filing with the SEC, Dick’s said a computation error caused it to overstate earnings in its fourth quarter and full-year results by $23.4 million. The company’s stock is down about 5% as of 1 p.m. ET Friday.
General Electric (GE) – Deutsche Bank (DB) downgraded GE from hold to sell and lowered its price target to $24. The bank called GE ‘overvalued’ due to its weak cash flow and gap between non-cash and cash earnings. Deutsche Bank also warned that the company could be forced to cut its dividend. General Electric’s stock is down more than 11% since January 1.
For more on Friday’s big stock movers, check out the Final Round, live at 4 p.m. ET, right here on Yahoo Finance.