Earnings roundup: JC Penney, Celldex

Earnings roundup: JC Penney posts lost; Celldex reports wider loss

Associated Press

Among the earnings stories for Friday, Aug. 10, from AP Business News:

— J.C. Penney Co. posted a bigger-than-expected quarterly loss and its sales plummeted in its second quarter as customers are still not buying into the department store chain's new pricing plan. The poor performance marked the second quarter of sharp sales declines since Penney implemented its pricing strategy on Feb. 1.

— Cancer drug developer Celldex Therapeutics Inc. reported a wider loss for its second-quarter due to increased research and development spending.

— Biotech drugmaker Merrimack Pharmaceuticals Inc. said that its second quarter loss narrowed as revenues doubled during its first period as a publicly traded company.

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