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
- Is Greece Still a Country if Someone Else Owns Its Assets? | Financial Sense
- "Graccident" Will Trigger The Demise Of The ECB And The World's Toxic Regime Of Keynesian Central Banking | ZeroHedge
- Peak Food, an Introduction | Financial Sense
- Caught On Tape: Self-Driving Car Ploughs Into Journalists | ZeroHedge
- Are Hedge Funds Worth More Than Kindergartens? | ZeroHedge
- Time to Sell Junk Bonds? Maybe Not | Financial Sense
- Crude Carnage Continues - WTI Hits 1-Month Low | ZeroHedge
The most relevant financial news and articles from the Internets
- Hillary Clinton is mocking herself with these 'Everyday... | Business Insider
- 10 things you need to know before European markets open | Business Insider
- David Duchovny says new 'X-Files' script brought him to tears | Business Insider
- A developer accidentally leaked a huge amount of information about one of the world... | Business Insider
- Fire at China rest home kills 38, six injured | Business Insider
- England beat New Zealand in first Test | Business Insider
- Kosovans mourn rebels killed in Macedonia shootout | Business Insider