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BUSINESS Saturday 11 November 2017
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US stocks on two-day losing streak as health stocks fall

By MARLEY JAY viduals, would give inves-
AP Markets Writer tors “a dose of confidence”
NEW YORK (AP) — So that’s that company earnings will
what a losing streak feels grow a bit faster and the
like. Stocks fell for the sec- economy and stock mar-
ond day in a row Friday, ket will rise for a bit longer.
which hadn’t happened The Standard & Poor’s 500
in a month, as Amazon put index lost 2.32 points, or 0.1
a scare into yet another in- percent, to 2,582.30. The
dustry: medical device and Dow Jones industrial aver-
health care equipment age slid 39.73 points, or 0.2
companies. percent, to 23,422.21. The
Those companies slumped Nasdaq composite turned
after an analyst for Citi In- higher and rose 0.89 points
vestment Research said to 6,750.94. The Russell 2000
Amazon might be on the index of smaller-compa-
verge of shaking up their in- ny stocks inched up 0.26
dustry by speeding up dis- points to 1,475.27.
tribution and cutting prices. The S&P 500 set an all-time
Energy companies gave high on Wednesday, but
up some of their recent finished the week down
gains while retailers, media 0.2 percent. The index had
companies and household gained five percent over
goods companies moved Trader Peter Tuchman works on the floor of the New York Stock Exchange. Stocks fell for the its winning streak, the lon-
higher. Stocks finished the second day in a row Friday, which hadn’t happened in a month. gest in almost four years.
week with small losses, end- (AP Photo/Richard Drew) The Russell 2000, which is
ing an eight-week winning day after Senate Repub- down slightly from their re- Sean Lynch, the co-head comprised of smaller com-
streak. licans proposed leaving cent record highs. of global equity strategy for panies that might benefit
One factor in those losses corporate tax rates alone “We would expect a little Wells Fargo Investment In- more from a corporate
was uncertainty over the in 2018 before cutting them bit more of that as we get stitute. Lynch said an even- tax cut, fell 1.3 percent this
Republican plan to cut in 2019. That surprised in- more delays and uncer- tual tax cut for companies, week. That was its largest
taxes. Stocks dipped Thurs- vestors, who pulled stocks tainty in the tax plan,” said and for at least some indi- loss in three months.q

JC Penney is the bright spot for retail this week

By A. D’INNOCENZIO fresh items to its floors.
AP Retail Writer Penney’s performance was
NEW YORK (AP) — J.C. Pen- a bright spot in a mixed bag
ney delivered some en- of results from department
couraging news: It reported stores, which released their
a solid rise in sales at estab- reports this week. Yet more
lished stores Friday, revers- challenges lie ahead with
ing four straight quarters of the critical holiday shop-
declines. It also posted a ping season.
smaller-than-expected loss Macy’s reported on Thurs-
for the third quarter, all news day that sales fell at es-
that sent its shares soar- tablished stores in the third
ing. The news stanched, at quarter, marking the 12th
least for a moment, an ex- straight quarter of declines,
tended selloff in company as it had a hard time pulling
shares, which accelerated shoppers through its doors.
last month when the Plano, Kohl’s reported a drop in
Texas-based chain warned quarterly profit Thursday,
that it would be forced to though it saw rising sales
liquidate poor-selling mer- in the quarter. Even Nord-
chandise. Shares, which strom, which announced
have tumbled 67 percent results after the bell on
this year, had touched an Thursday, saw a key sales In this Friday, March 17, 2017 photo, shoppers exit a J.C. Penney store in the Georgia Square Mall
all-time low. Initiatives to measure fall and trimmed in Athens, Ga. J.C. Penney Co. Inc. reports earnings Friday, Nov. 10, 2017.
spiff up its clothing lines to its outlook. Like many re- (John Roark/Athens Banner-Herald via AP)
fuel sales are “giving us tailers, department stores J.C. Penney, though, had be in 75 percent of its loca- merchandising areas in
confidence that our overall have wrestled with weak extra challenges in restor- tions. the store and is highlighting
strategy and transforma- sales as customers go on- ing sales after a disastrous This holiday season, the them in visible areas.
tion is beginning to take line. Department stores, attempt to reinvent the company is creating toy The company has also cen-
hold,” CEO Marvin Ellison which are heavily depen- company under former Ap- shops in its stores and is tralized its pricing strategy
said in a release Friday. He dent on clothing sales, are ple executive Ron Johnson. opening an hour earlier and last week eliminated
noted that by selling off un- seeing more competition The company has since than last year on Thanksgiv- the position of chief mer-
wanted merchandise, the there as Amazon expands brought back major appli- ing. The 2 p.m. opening is chant, once a lofty role, as
company is entering the further into fashion and off- ances like dishwashers and earlier than its rivals Kohl’s it says that it wants to have
holiday season with less of price chains like T.J. Maxx has expanded its in-store and Macy’s. a less-hierarchal structure
a backlog so it can add add more stores. Sephora beauty shops to It’s now expanding those to move faster.q