Shares of retailers and other consumer-services companies fell amid fears about the outlook for bricks-and-mortar retailers. J.C. Penney continued its slide, falling 8% to less than $3, after its warning last week that promotional sales to shift stubborn inventory would drag it into the red in the current quarter. The warning was interpreted by many as the grimmest sign yet that many of the department store chains are facing an existential threat from the relentless rise of Amazon.com and other online competition. Shares of Penney peers such as Macy's were also on the retreat. Home builders were flat after Lennar agreed to buy CalAtlantic Group for $5.7 billion, creating the country's largest home builder by revenue. Dunkin Brands rallied amid rumors that the Dunkin Donuts owner could receive a buyout offer from investment firm JAB Holdings, which has been gobbling up rival chains including Krispy Kreme, Peet's Coffee and Panera Bread. Personal consumption expenditures, a broad measure of household spending rose a seasonally adjusted 1.0% in September from the prior month, the Commerce Department said Monday.
Continue Reading Below
-Rob Curran, email@example.com
(END) Dow Jones Newswires
October 30, 2017 16:39 ET (20:39 GMT)