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
- It's The Entrepreneur That Saves An Economy – Not The Fed | ZeroHedge
- Russia Claims ISIS Now On The Ropes As Fighters Desert After 60 Airstrikes In 72 Hours | ZeroHedge
- How Bad Can This Get, And How Fast? | ZeroHedge
- Doctors Accuse White House Of Lying To Justify "Collateral Damage" In Kabul Hospital Bombing | ZeroHedge
- Jim Puplava: "This Is Not 2007-2008" | Financial Sense
- The Mind Of Mr. Putin (America's Non-Interventionist Foreign Policy Tradition Exposed) | ZeroHedge
- NIRP, Its Likelihood and Effect on Commodities | Financial Sense
The most relevant financial news and articles from the Internets
- The Latest: Confusion over bombing of Afghanistan hospital... | Business Insider
- Foley destroys England's World Cup hopes | Business Insider
- Ten Things Only Bad Managers Say | BusinessWeek
- Proposal would erase Confederate sign from Mississippi... | Business Insider
- Internet giants race to faster mobile news apps | Business Insider
- Estate agents say this is London's... | Business Insider
- The Republican Party chair hinted at a major potential electoral change... | Business Insider