JC Penney Hits Multi-Decade Low After Mixed Q2 Report

J C Penney Company Inc JCP shares are trading lower by 86 cents, or 18 percent, at $3.86 in Friday's session.

The catalyst for the decline is a Q2 EPS miss of 4 cents. Sales did come in better by $12 million, but that's being overshadowed by the EPS miss.

After a lower open, J C Penney immediately found support at $3.85 and reversed course. The ensuing rally took the stock to $4.17, but is now back on its lows for the session.