J.C. Penney’s shares in freefall after loss

J.C. Penney’s shares in freefall after loss

new york

Wall Street doesn’t seem to like J.C. Penney’s new everyday low pricing any better than Main Street does.

The department store chain’s stock plunged nearly 20 percent Wednesday — the biggest decline in at least four decades, including the 1987 stock-market crash. The drop came a day after Penney’s said it would stop paying dividends and blamed its large first- quarter loss on a poor reception from shoppers for its strategy of getting rid of hundreds of sales each year in favor of offering predictable low prices every day.

The plan, rolled out Feb. 1, aims to stop the cycle of heavy discounting — and discourage customers from waiting for sales to shop.

Lower oil prices ease load on consumers

new york

A threat that’s been hanging over the economy is starting to look a lot less menacing.

Oil and gasoline prices are sinking, giving relief to businesses and consumers who a few weeks ago seemed about to face the highest fuel prices ever.

President Barack Obama’s re-election prospects also could benefit, especially if prices keep falling as some analysts expect. A majority of Americans disapproved of Obama’s handling of gas prices in an AP-GfK poll early this month. But that was before the full effect of the recent drop had reached drivers.

The average U.S. retail gasoline price has dropped 21 cents a gallon to $3.73 since hitting a 2012 peak of $3.94 on April 6.

FTC: Skechers’ ads deceived consumers

washington

The government wants you to know that simply sporting a pair of Skechers’ fitness shoes is not going to get you Kim Kardashian’s curves or Brooke Burke’s toned tush.

Skechers USA Inc. will pay $40 million to settle charges by the Federal Trade Commission that the footwear company made unfounded claims that its Shape-ups shoes would help people lose weight and strengthen their butt, leg and stomach muscles. Kardashian, Burke and other celebrities endorsed the shoes in Skechers ads.

Wednesday’s settlement also involves the company’s Resistance Runner, Toners, and Tone-ups shoes and claims of deceptive advertising for those shoes as well.

Report: Foreclosures were down in April

los angeles

National foreclosure trends took a positive turn in April, as the number of homes seized by banks declined and fewer properties entered into the foreclosure process.

But state-level data point to potentially more home repossessions ahead in Florida and many of the 25 other states where courts are required to sign off on foreclosures.

All told, the number of U.S. homes taken back by lenders in April declined 7 percent from March, the third consecutive monthly decline, foreclosure listing firm RealtyTrac Inc. said today.

Vindicator wire services

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 22.48 .04

Avalon Holdings,4.60—.31

Clear Channel, .77 66.32 .40

Cortland Bancorp, 9.50.00

Farmers Nat., .126.57 .00

First Energy, 2.20, 47.81—.06

FirstMerit Corp., .64,16.61 .00

First Niles Financial, .32,8.05.00

First Place Fin., .355—.046

FNB Corp., .48,10.91—.16

General Motors,21.91.49

General Electric, .68,19.00.60

Motors Liquidation, .0422.00

Huntington Bank, .16, 6.37—.03

JP Morgan Chase, 1.20,35.46—.78

Key Corp, .12,7.51—.09

LaFarge, 9.05 .00

Macy’s, .80, 37.29.28

Parker Hannifin, 1.56, 83.18—1.05

PNC, 1.60,62.52—.87

RTI Intl. Metals,24.61—.59

Simon Prop. Grp.,3.80,150.34—2.93

Stoneridge 7.87 —.44

United Community Fin. 1.99—.06

Selected prices at 4 p.m. Wednesday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.