The markets were mixed to close out the week as investors continue to weigh the thought of taking profits at these highs. The Dow 30 was lower by 38, the S&P 500 lost 2, and the Nasdaq 100 added 1. Next week begins with some light news on mortgages along with the federal budget balance which can be a market mover.
Macy's (M ) enjoyed yet another day of gains despite receiving another downgrade. Shares added another 2.46% today as the stock enjoys its post earnings rally. Shares spiked yesterday as earnings were released that were better than Wall Street's expectations. A positive outlook also fueled a rally that moved shares off their yearly lows. Shares finished the week strong but are still lower by 40% on the year.
Finish Line (FINL ) sold off 8.95% today after getting downgraded by Cowen and Associates. The analyst firm lowered their rating to underperform from market perform, telling their clients that they had concerns about promotions and how it would affect their margins. Shares have been lower all year and this new drop brings the total losses on the year to over 50%.
JCPenney (JCP ) was the latest retailer to announce earnings that were well beyond what analysts expected. The stock was higher by 15.27% today as same-store sales came in better than expected, bringing their total revenue to $2.81 billion. CEO Marvin Ellison said, "During the third quarter, we took aggressive actions to clear slow-moving inventory, primarily allowing for an improved apparel assortment heading in to the Holiday season. While these actions had a negative short-term impact on profitability in the third quarter, we firmly believe it was the right decision for the Company as we transition into the fourth quarter and fiscal 2018." This impressed investors which led to a strong day on above average volume.