J.C. Penney’s stock hits all-time low

J.C. Penney’s stock plummeted to an all-time low on Friday. Shares fell to $4.78 on the news, which is a 10 percent drop from the last report. These are the lowest numbers the company has seen since the store’s opening in 1978. The drop came after the retail store reported that their revenue and earnings fell short of expectations this quarter. Head of US Equity Research at Pioneer Investments Craig Sterling J.C. Penney is expected to close over 3,000 department stores this year.