J.C. Penney (JCP) is down more than another 2% in early trading this morning. The stock dropped more than 13% on Friday capping a catastrophic week. Shares tumbled an astounding 29% since their open on Monday. All of this came as the company announced it would be selling 84-million shares at a planned price of $9.65. Right now shares are below $9, having fallen 57% since the start of the year.
Siemens (SI) is saying "see ya" to 15,000 of its employees. The German industrial giant is in the middle of massive layoffs as part of a global restructuring program. Half the job cuts have already occurred. The rest will take place over the next year. Seimens certainly doesn't seem to be hurting with the stock up 13% in just the last month. Shares are up a total of 21% over the last year.
Paychex (PAYX) is currently down .5%. The payroll processor is set to release quarterly earnings after the closing bell. Analysts are predicting profits of 43-cents a share, up a penny from a year ago on revenue that's risen almost 5% to cross the $600-million mark. Shares of Paychex have been up 27% year-to-date.
Diamond Foods (DMND) also reports after the closing bell. It's currently down .5%. The company includes not only its namesake brand of nuts, but also Pop Secret popcorn and Kettle Brand chips. Consensus is for a loss of 3-cents a share versus a profit of 5-cents a years ago. That's on a 14% drop in sales to $192-million. But get this: shares are up 70% this year, in part because of talk the company could be taken over. This past Thursday BB&T Capital Markets moved the stock to a buy from a hold.
