Earnings Estimates Slashed for J.C. Penney

S&P analysts see weak sales. Also widening loss forecast for US Steel

Company: Penney (J.C.) (JCP )

Year ending: Jan-02

Prior estimate: 1.00

New estimate: 0.60

Rationale: Weak sales, high markdowns and promotions

Company: USX-US Steel (X )

Year ending: Dec-01

Prior estimate: d0.70

New estimate: d2.35

Rationale: Higher interest costs

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