Opening Bell: U.S. Stocks Slip Despite Blowout Retail Sales Data

U.S. stocks opened slightly lower on Friday, despite fresh data showing a stark comeback in consumer spending. April retail sales rose 1.3 percent, beating estimates of 0.9 percent and a sharp reversal from the 0.3 percent drop seen in March. While retail sales rebounded in April, the retail stocks tell a much different story. J.C. Penney (JCP) - Get Report shares plunged on Friday after reporting a loss of $0.22 a share, although that was narrower than the $0.38 a share analysts were looking for. Same store sales fell 0.4 percent, compared to the consensus estimate of 3.2 percent growth. Finally, Nordstrom (JWN) - Get Report shares also sunk on Friday. The company reported disappointing first quarter results on Thursday, with a 1.7 percent drop in same store sales. The analysts at Stifel cut their price target on the stock to $54 from $66. Right now, the stock trades near $45 a share. They still have a BUY rating on Nordstrom. TheStreet's Scott Gamm reports from Wall Street.