OPEC is trending as the group said it may cut its forecast for global oil demand in 2013. While the Organization of the Petroleum Exporting Countries did leave its forecast unchanged Thursday from its estimate last month, the group cited a gloomy outlook for potentially cutting its forecast in 2013. OPEC said the turbulent outlook for the global economy could reduce its forecast by 20% next year. OPEC expects global economic growth to slow to 3.2% next year from 3.3% this year, weighed down by slowing in the U.S. and China and weakness in the eurozone. For 2012, OPEC left its forecast for growth in global oil use virtually unchanged at 900,000 bpd.
J.C. Penney ( JCP) is another popular search. The retailer posted a widerr-than-expected second quarter loss on declining sales. Same-store sales fell 21.7% in the quarter, compared to analysts' estimates of a 17.4% decline. Revenue dropped 22.6% to $3.02 billion, also below expectations. J.C. Penney recently adopted a new pricing strategy that advertised everyday low prices instead of continuous sales and coupons. The strategy, which was unveiled in February, has resulted in two straight quarters of sales declines.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.