JC Penney Breaches February 2014 Low After Q1 Report

J C Penney Company Inc JCP shares are trading lower by $0.50 (8.5 percent) at $4.79 in Friday's session.

Before the open, the company posted a EPS beat of $0.27, but revenues were lower by $70 million. The company reaffirmed FY 2017 guidance, but the Street is concerned over its comparable same-stores being down 3.5 percent for the quarter.

After a lower open, JC Penney managed a nickel pop to $5.00 before continuing its move lower. The ensuing decline breached its February 2014 of $4.90, so far reaching $4.73. Keep in mind that when the issue breached the psychological level of $5.00 in 2014, it never posted a close below it as it ended February 4, 2014 at $5.08 and mounted a strong rebound.

With just under five hours remaining in the session, it will need mount a major rally to close over $5.00.