New 52-week Low for J.C. Penny's
J.C. Penny Company (NYSE:JCP) shares sunk to a new 12 month low of $21.57 and closed at $22.25. Former Apple Inc (AAPL) exec Ron Johnson running the show as of late 2011 at J.C. Penny isn't helping anything.
In the last 12 months J.C. Penny shares are down 35% and almost 50% since mid February of 2012. If you believe in the turnaround story that CEO Johnson is talking up then now would be the time to buy. Then again, its possible shares could keep falling so its buyer beware.
Johnson is attempting to rebuild the company from the bottom up and shareholders must take a leap of faith that his vision will return JCP to greatness. Gone are the coupons that J.C. Penny shoppers once loved and same goes for former President Michael Francis who left the company yesterday. Ron Johnson may have been all that and a bag of chips at Apple Inc but he's destroying J.C. Penny in a hurry. Last month the company reported a worse-than-expected 19% drop in same-store sales and suspended its dividend after reported an unexpected loss.
Masters we would love to say JCP has hit bottom but at this point this stock is a falling knife. What do you think? Let us know in our comments.
At this point, this stock could get cheaper, be patient.
Best of the Blogs
Scanning and identifying the best blog entries every hour
- Calexit: Record Number Of Californians Support Secession, New Poll Finds | ZeroHedge
- China Tells US To "Act And Speak Cautiously" In Response To Spicer "Threat" Over South China Sea | ZeroHedge
- El-Erian Warns "Investors Are Underestimating Sudden Policy Shifts" | ZeroHedge
- Where Are We Going, Where Have We Been? | Financial Sense
- French Socialist Primary Winner Proposes Tax On Robots, Universal Income, Right Of Foreigners To Vote | ZeroHedge
- Frontrunning: January 24 | ZeroHedge
- Pro Immigration Advocate to Americans: You Do A lot of Drugs, Therefore You Do Not Deserve Borders | ZeroHedge
The most relevant financial news and articles from the Internets
- How World War III could begin in Latvia | Business Insider
- The Dallas Cowboys could be the first NFL team to move into the $890 million e-sports... | Business Insider
- Unexplained photo appears to show nuclear-capable missile that fell off a truck... | Business Insider
- 7 red flags not to overlook at an open house | Business Insider
- Elon Musk and other executives are at the White House to meet with President... | Business Insider
- You won’t recognize the new world of digital payments without... | Business Insider
- Laptop Computer Reviews - BusinessWeek | BusinessWeek