NEW YORK ( TheStreet) -- Here's a round-up of companies making news after Tuesday's closing bell.
J.C. Penney (JCP - Get Report) reported a much wider than anticipated quarterly loss late Tuesday and said it's discontinuing its dividend. The department store retailer, which is trying to reinvent itself under the direction of CEO Ron Johnson, a former Apple (AAPL) executive, reported an adjusted loss of $55 million, or 25 cents a share, and said same-store sales fell 18.9% in its fiscal first quarter ended in April.
The average estimate of analysts polled by Thomson Reuters was for a loss of 11 cents a share in the quarter.
"Sales and profitability have been tougher than anticipated during the first 13 weeks, but the transformation is ahead of schedule," said Johnson in a press release.The company now expects to record additional restructuring charges in 2012 so it dropped its outlook for GAAP earnings of $1.59 a share for the year. The elimination of the quarterly dividend of 20 cents a share is expected to result in annual savings of $175 million. The stock was last quoted at $28.85, down 13.4%, on volume of more than 4 million, according to Nasdaq.com.