J.C. Penney To Close 40 Stores; Dow Erases 2015 Losses
Stocks have achieved a much needed rebound as the Dow surged 322 points today, erasing the Dow's recent losses in 2015. All three main U.S. stock indexes are now positive in 2015 as investors are welcoming stabilizing oil prices. Multiple companies announced their layoff plans for 2015. Despite their better-than-expected holiday shopping season, J.C. Penney (JCP) announced that they will be closing approximately 40 underperforming stores and laying off around 2,250 workers. McDonald's (MCD) is eliminating multiple open corporate positions and laying off 63 employees at its corporate headquarters.
Word on the Street
- Layoffs in 2014 lowest in 17 years.
- As prices fall, demand soars for oil in the U.S.
- Family Dollar (FDO) profit cut nearly in half in fiscal Q1.
- J.C. Penney (JCP) to close 40 stores in 2015.
- Is a merger between AOL (AOL) & Yahoo (YHOO) any closer?
- Coca-Cola (KO) to cut between 1600 & 1800 jobs globally.
- GW Pharmaceuticals (GWPH) stock lower after results.