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
- Ladies: Hold on Tight to Your Accessories | iBankCoin.com
- "Reprehensible" Lloyds Bank Agrees To $105 Million Wristslap For Manipulating Libor | ZeroHedge
- US Equities Flat While China Surges On More Stimulus And Bailout Hopes | ZeroHedge
- The Case for a Bull or Bear Market in Two Charts | Financial Sense
- "London Fix" Gold Rigging By Bullion Bank Exposed In Class Action Lawsuit: The Complete Charts | ZeroHedge
- Gary Shilling: "Q2 GDP Was Closer To 1% Than To 3%. It Could Even Be A Negative Number" | ZeroHedge
- Frontrunning: July 28 | ZeroHedge
The most relevant financial news and articles from the Internets
- $200 Steaks, $30 Coffee? Some Of Our Favorite Foods Could Skyrocket In... | Business Insider
- Here's Why No One Knows How To Manage Their Time | Business Insider
- 2012 Honda CR-V | BusinessWeek
- Pre-Open... | StreetInsider.com
- Formula One Drivers Do Insanely Specific Exercises To Keep Death At Bay | Business Insider
- Facebook Is About To Force You To Use A Separate App To Send Messages | Business Insider
- OKCupid Admits To Purposely Giving Users Bad Matches In Site 'Experiment... | Business Insider