J.C. Penney Plummets Amidst Weak Sales

(Reuters) - Sales at J.C. Penney Co Inc’s (JCP.N) established stores missed Wall Street targets in the fourth quarter, and its forecast for yearly earnings also lagged expectations, pushing its stock down 9 percent on Friday. Penney forecast full-year earnings of between 5 and 25 cents per share, largely below analysts’ average expectation of 20 cents, according to Thomson Reuters I/B/E/S. The company also said on Friday it had cut about 230 jobs, a move expected to save between $20 million and $25 million in costs annually.