Retail companies were among the most heavily sold off stocks Friday, with Nordstrom (NYSE: JWN) plummeting 16.3% and J.C. Penney (NYSE: JCP) plunging 14.2%.
Nordstrom lowered its projections for the year on Thursday and revealed a disappointing third-quarter after the sale of its U.S. credit-card portfolio, reports Chris Wack for the Wall Street Journal.
While J.C. Penney exceeded analyst expectations Friday morning with better-than-expected quarterly net sales and smaller-than-expected losses, JCP shares still fell off on growing concerns about consumer spending.
J.C. Penney’s quarterly results were “good results, but bad timing,” Deutsche Bank analyst Paul Trussell told Reuters.
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Max Chen contributed to this article.