J.C. Penney Shares Tumble After Sales Growth Outlook Cut

Shares of J.C. Penney tumbled 11% Wednesday after the department store chain cut its sales growth outlook. Chief Financial Officer Ed Record said at a meeting with analysts that fiscal third-quarter same-store sales are now expected to rise in the low-single-digit percentage range over year-earlier results, down from a previous forecast of a mid-single-digit percentage growth. The stock has now lost 25% over the last month, to the lowest level seen since May 15. It has lost 10% year to date, compared with a 4.8% gain in the S&P 500.