Stocks Flat in New York, JCPenney Recalls CEO Ullman

Nichole Harper
09 Apr, 2013
New York City

U.S. stocks traded flat as investors awaited the start of the earnings season. Yen decline paused but inched near the 100-mark against one dollar. Troubled retailer fired its celebrity chief executive after sales plummeted for four quarters in a row and rehired former head.

[R]11:15 AM New York – U.S. stocks traded flat as investors awaited the start of the earnings season. Yen decline paused but inched near the 100-mark against one dollar. Troubled retailer fired its celebrity chief executive after sales plummeted for four quarters in a row and rehired former head.[/R]

Stocks in morning trading in New York were little changed as investors awaited the start of the earnings season and economic data from overseas markets.

The S&P 500 index was nearly flat at 1,563 and the Dow Jones Industrial Average increased 0.1% to 14,624.

Stocks in Asia closed mixed after a 4-day rally in Tokyo lifted the benchmark index Nikkei more than 10%.

The yen declined and inched to a low of 99.14 against one dollar, the low last seen in April 2009.

Separately, China reported inflation declined in March to 2.1% from 3.2% in February according to the statistics office in Beijing.

Stocks in Review

Alcoa ((AA)) decreased 1% after the aluminum maker reported better than expected 59% increase in quarterly earnings but revenues fell more than estimated.

Correction Corp of America ((CXW)) increased 2.3% after the company authorized one-time dividend of $6.63 a share before converting to a real estate investment trust.

J.C. Penney ((JCP)) dropped 12% after the company ousted Chief Executive Ron Johnson and recalled the previous head Myron Ullman.

Starwood Property Trust ((STWD)) declined 3% after the real estate lender said it plans to sell stocks in a public offering.