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
- DEATH IS COMING | iBankCoin.com
- Why China's Latest Mini-Stimulus Failed Again, In One Chart | ZeroHedge
- The Last Straw? Venezuela Runs Out Of Fake Breasts | ZeroHedge
- Transportation Stocks Boosted by Lower Oil Prices | Financial Sense
- STOP! | ZeroHedge
- This Seems To Be Going Well... | ZeroHedge
- Is This China's Scariest Chart? | ZeroHedge
The most relevant financial news and articles from the Internets
- The 55 Best Companies For Freelancers | Business Insider
- Local Anchorman Tells Viewers He Only Has 4 To 6 Months To Live | Business Insider
- A Desperate Parent Offered Me $500 So Her Kid Could Meet A YouTube Star (... | Business Insider
- Marc Benioff Teased What Could Be A New $1 Billion Opportunity For... | Business Insider
- Wall Street Bull Tom Lee Resurfaces After Vanishing From JP Morgan | Business Insider
- Tim Cook: The Government Has Gone Overboard Collecting Personal Data (AAPL) | Business Insider
- The Top Leaders Of A Navy Ship Were Fired In The Middle Of Their Deployment | Business Insider