Markets at Record Levels; More Bad News for J.C. Penney
More setbacks for J.C. Penney, and for the effort to develop an Alzheimer's drug.
The Dow Industrials closed yesterday above the 15,000 level for the first time, gaining 87 points on the day. It's the Dow's 16th record this year. The S&P 500 also set another record, rising 8 points, and the Nasdaq added 3.
Ron Johnson is gone as the head of J.C. Penney (JCP), but his legacy –- and his losses –- lives on. The retailer says sales for the quarter that just ended fell a steeper-than-expected 16 percent. The company blames the pricing and marketing strategies that are being tossed out, as well as major construction revamps in many stores.
Walt Disney's (DIS) profit jumped 32 percent, led by strong results from its theme parks. The entertainment giant also said it is developing stand-alone films based on various characters in the "Star Wars" series.
Rival News Corp. (NWS) reports after the closing bell.
Investors are finding plenty to snack on in Whole Foods' (WFM) report. Earnings rose 20 percent, the company boosted its forecast for the full year, and it declared a 2-for-1 stock split.
Baxter International (BAX) has suffered a setback in its effort to develop a drug to treat Alzheimer's. The company says a highly regarded drug in development had failed to halt the mental decline caused by the disease in a late stage trial.
Ford (F) says its sales in China jumped by 37 percent in April from a year ago, thanks to strong demand for the Focus and a new model, the Kuga, that's not available in the U.S.
Yahoo (YHOO) CEO Marissa Mayer has reportedly met with top execs at Hulu about acquiring the premium video service. There are also reports that Mayer is trying to get Yahoo out of a long-term deal with Microsoft (MSFT).
And shares of WebMD (WBMD) are set to jump after the company said it's in talks to partner with other companies. It also raised its earnings outlook for the current quarter and the full year.
-Produced by Drew Trachtenberg