JC Penney tanks after a big miss on sales (JCP)

JC Penney on Friday reporteda smaller-than-expected loss in the first quarter, but sales that missed analysts' forecasts. Its sharesfell by as much as 9% in earlytrading. The retailer reported an adjusted loss of $0.06 per share, smaller than the expectation for a loss of $0.21 according to Bloomberg. Net sales totaled $2.71 billion, missing the forecast for $2.77 billion. Comparable store sales, at locations open for at least one year, fell by 3.5% (-0.7% expected.) CEO Marvin Ellison said in t...