Shoppers Defect Before Holiday Shopping Season
J.C. Penney announced that same-store sales fell by 26 percent in the third quarter, worse than the 17 percent decline expected by analysts. It also lost $0.93 a share, compared with the consensus estimate for a $0.07 loss. JCP is down by 5 percent before the bell on my tradeMONSTER platform.
Groupon Drops After Earnings, Revenue Miss
Groupon reported breakeven results on a per-share basis, while analysts had expected profit of $0.03. Revenue of $568.6 million also lagged the $590 million estimate. GRPN fell 20 percent in early trading.
Kayak Pops on Priceline.com Takeover
Kayak Software agreed to be acquired by Priceline.com for $1.8 billion, or $40 a share in cash and stock. KYAK, which also reported strong quarterly results, rose 26 percent.