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
- Will Banks Allow Another Slew Of Oil Bankruptcies? | ZeroHedge
- Trading a Le Pen Win in the French Elections | Financial Sense
- Satellite Images Suggest North Korea May Have Resumed Nuclear Test Preparations | ZeroHedge
- Did Russia Shoot Down US Missiles In Syria | ZeroHedge
- Which Country Is America’s Biggest Enemy? | ZeroHedge
- North Korea Warns China Of "Catastrophic Consequences" For Siding With U.S. | ZeroHedge
- Bill Maher Lashes Out At Cal Berkeley's "F**king Babies" | ZeroHedge
The most relevant financial news and articles from the Internets
- There's a new way to bet on the world's hottest investment product (TETF) | Business Insider
- Russia and Saudi Arabia could face economic and political... | Business Insider
- Morgan Stanley and Goldman Sachs are facing the same question — but for very... | Business Insider
- Foreign workers in rich nations are... | Business Insider
- How to Build a Robo Advisor: Advice for Starting a Robo... | Business Insider
- 100 songs everyone should listen to in their lifetime | Business Insider
- Another senior staffer has left a struggling hedge fund... | Business Insider