Heavy Hitters: J.C. Penney Sinks 13%, Ford CEO Headed to Microsoft?

BlackBerry (NASDAQ:BBRY) shares managed to climb 1 percent higher on Friday, but shares dipped in late afternoon hours. As expected, second-quarter revenue came in at $1.6 billion, down 45 percent on the year, and adjusted net loss came in approximately in line with expectations at $248 million, or 47 cents per share. Alongside the report, BlackBerry announced that it is targeting a 50 percent reduction in overall operating expenditures, due to be completed by the first quarter of fiscal 2015. BlackBerry shares are down more than 30 percent this year.

BBRY-20130927

Shares of Ford Motor (NYSE:F) fell 1.3 percent on Friday as investors digest the news that current Ford CEO Alan Mulally is on the list for Microsoft’s (NASDAQ:MSFT) next chief. Mulally, who has been with Ford since 2006, is widely credited for turning the automaker around and managing its current strong performance.

F-20130927

Shares of J.C. Penney (NYSE:JCP) plunged more than 13 percent on Friday and continued to decline in late afternoon hours. The struggling retailer recently announced it will sell 84 million shares of common stock in a secondary offering. J.C. Penney intends to use the net proceeds from the sale for general corporate purposes. Goldman Sachs is serving as the sole book-running manager for J.C. Penney.

JCP-20130927

Apple (NASDAQ:AAPL) shares fell 0.71 percent on Friday as more speculation surrounds the tech giant’s next mini-tablet release. According to market research firm IHS iSuppli’s sources, via CNET, Apple has not produced enough iPad mini 2 units for a rumored October release date. “The Retina Mini looks less certain for that time. Manufacturing volumes on that would match better with a Q114 [first-quarter 2014] launch,” IHS iSuppli’s Rhoda Alexander told CNET. However, IHS iSuppli believes Apple could still announce the iPad Mini 2 when it releases the iPad 5 sometime in October.

AAPL-20130927

Don’t Miss: Should Investors Ignore the Soap Opera in Washington, D.C.?

Follow Eric on Twitter @Mr_Eric_WSCS