JCPenney Shines, Amazon Slumps in Retail
JCP shares were rising 8.4% to $16.52 just before midday on Friday.
After the market closed on Thursday, Soros Fund Management disclosed in a Securities and Exchange Commission 13G filing, dated April 15, that it owned 17.4 million shares, representing a 7.91% stake in the retailer's stock.
Soros seems to be either placing a long-term bet on JCP's turnaround after the company reinstated Myron "Mike" Ullman as CEO replacing Ron Johnson or he could be looking to make a profit -- at the expense of retail investors, according to TheStreet's Rocco Pendola.
Also in retail, home improvement companies Home Depot
Big discount retailers including Wal-Mart
The rest of the sector was generally in the red after missed GDP expectations.
The Bureau of Economic Analysis said that U.S. GDP increased 2.5% in the first quarter after rising 0.4% in the fourth quarter. Analysts, on average, were expecting 3% growth, according to a Thomson Reuters poll.
Online retail giant Amazon
Amazon's stock was down 7% to $255.45 at last look on more than double the average daily trading volume.
-- Written by Laurie Kulikowski in New York.
To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com.
>To submit a news tip, email: email@example.com.