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The (JC) Penney drops (and drops) - PRE-MARKET

YogaWorks goes low with IPO price; DryShips sells US$100mln of shares at huge premium
JC Penney
A Penney for your faults?

Notwithstanding last night's encouraging update from fashion seller Nordstrom, bricks and mortar retailers continue to struggle – JC Penney Company Inc (NYSE:JCP) among them.

The old-school retailer lost almost a quarter of its value in pre-market trading after second quarter losses exceeded expectations.

A net loss of US$62.0mln – equivalent to 20 cents a share – represented a deterioration from a loss of US$56mln (18 cents) in the same quarter of 2016.

The adjusted loss per share of 9 cents was more than twice the 4 cents loss the market had been bracing for.

Like-for-like, or same store, sales were down 1.3% on year earlier.

Yoga studios operator YogaWorks (NASDAQ:YOGA) knows how to get down real low; it set its flotation price at US$5.50, the bottom end of its revised indicated range.

The company offloaded 7.3mln shares at the price, raising US$40mln.

With investors worried about the onset of Armageddon, bright spots are likely to be in short supply when the market opens, but DryShips Inc (NASDAQ:DRYS) looks set to get off to a flyer.

The shares almost doubled in pre-market trading to US$3.91 as the dry-bulk carriers and offshore support vessels owner approved the sale of US$100mln worth of its common stock at US$2.75 a share to concert parties associated with chief executive George Economou.

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