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
- Hillary Clinton Gains One Vote On First Day Of Wisconsin Recount | ZeroHedge
- Obama Still Can't Process Hillary's Loss; Blames "Fox News In Every Bar And Restaurant" | ZeroHedge
- Sudden Scramble For Gold In China Sends Premiums To 3 Year High | ZeroHedge
- Mitt Romney Is Now Heavy Favorite For Secretary Of State | ZeroHedge
- Philadelphia City Attorney Linked To Anti-Trump Grafitti | ZeroHedge
- Story ... A Letter From Hank Fellerman To Bill Murphy | ZeroHedge
- Michigan Rejects Trump's Objection - Recounts Are Cleared To Start Next Week | ZeroHedge
The most relevant financial news and articles from the Internets
- Trump thanks supporters, revives fiery campaign rhetoric in Ohio victory rally | Business Insider
- What 17 super-successful people wish they knew at 22 | Business Insider
- Trump is forming an economic advisory team with the... | Business Insider
- A Utah teenager brought guns to school — and his parents... | Business Insider
- Theranos is getting rid of high-profile board... | Business Insider
- Amazon's Hit Man | BusinessWeek
- 25 Ways to Make LinkedIn Work for You | BusinessWeek