J.C. Penney Slips on Surprise Q4 Loss; Stocks Drift Moderately

U.S. markets were moderately lower in midday trading Friday as investors digest the latest economic data.
Author:
Publish date:

U.S. markets were moderately lower in midday trading Friday as investors digest the latest economic data. Investors were disappointed before the bell on the latest GDP data revised lower. Stocks came off their lows on January's pending home sales hitting an 18-month high. The National Association of Realtors' index rose 1.7%. Consumer sentiment slipped on the wintry weather. The University of Michigan's index for February beat expectations at 95.4 but are down from January's 11-year high of 98.1. Not many people were shopping at J.C. Penney (JCP). Shares are tanking after the retailer reported a surprise loss of $0.11 a share in the fourth quarter. FedEx (FDX) is moving higher after an upgrade to OUTPERFORM. The analysts at Credit Suisse expect improved returns from FedEx's Ground service.