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
- Russian Embassy Trolls Saudi Arabia On Twitter | ZeroHedge
- Caught On Tape: Russian Warships Launch 26 Cruise Missiles At ISIS Targets | ZeroHedge
- Obama Apologizes, Says "Will Get To Bottom" Of Afghanistan Bombing | ZeroHedge
- Oct 7 - IMF Warns On Worst Global Growth Since Financial Crisis | ZeroHedge
- Despite Surging Job Cuts, Initial Jobless Claims Tumble Back Near 42 Year Lows | ZeroHedge
- The Phrase That Launches Recessions | ZeroHedge
- China Opens Weaker Than Expected After Goldman Downgrade And "Mirage Of A New Dawn" Warnings | ZeroHedge
The most relevant financial news and articles from the Internets
- A ping pong robot and a mirror that 'doesn... | Business Insider
- Belgian government faces big protests over austerity | Business Insider
- Carter: US not cooperating with Russia against Islamic... | Business Insider
- 49ers linebacker Aldon Smith pleads not guilty to charges... | Business Insider
- US stocks climb in early trading, led by energy companies... | Business Insider
- The Latest: Nobel literature award to be announced | Business Insider
- At least 13 killed in Yemen wedding bombing: medic | Business Insider