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Stocks Make Small Rebound on Friday, JC Penney Shares Drop (JCP, PCLN)

By: , dated November 9th, 2012
Stocks recovered slightly from the past two days of declines on Wall Street. Several strong reports countered continued fears of the fiscal cliff in the US including a rise in consumer sentiment to the highest level since 2007 and an increase in wholesale inventories and sales. In Europe, industrial output was weak and concerns grew over Greece’s budget vote on Sunday, driving the euro lower to a two-month low. In earnings news, JC Penney (JCP) reported lower than expected sales and saw shares dropped. Groupon (GRPN) continued to struggle on Friday after announcing earnings yesterday. Priceline (PCLN) announced that it will be acquiring Kayak Software (KYAK) in a $1.8 billion deal. In China, consumer inflation eased slightly to 1.7% in October yet shares ended lower. General Petraeus resigned today from his post at the CIA.

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