ZM - Stock Market News: Penney's Swan Song; Zoom to Join an Elite Group
The stock market had a mixed showing early today as it aimed to close out a momentous week that was chock-full of earnings reports and other market-moving news. Investors remain uncertain about the near-term future for stocks, as the massive rebound from the bear market lows has created a big debate about whether the worst is over or still ahead. As of 11 a.m. EDT on Friday, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 5 points to 23,511. The S&P 500 (SNPINDEX: ^GSPC) inched higher by 4 points to 2,802, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 14 points to 8,509.
The current economic situation has created winners and losers, and they were evident among today's movers. J.C. Penney (NYSE: JCP) is reportedly heading toward a likely bankruptcy filing in the near future, but Zoom Video Communications (NASDAQ: ZM) got a vote of confidence by being invited into an elite group of 100 top companies.
Shares of J.C. Penney dropped more than 12%, continuing a descent that has lopped 80% off the stock's value since early January. Even before the coronavirus pandemic hit, Penney was having substantial financial troubles, and it now appears that the retail store shutdowns that the outbreak has prompted could prove to be the last straw for the ailing department store chain.