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
- FishLivesMatter: California To Decide If Saving 'Delta Smelt' Is Worth $65 Billion Of Taxpayer Money | ZeroHedge
- It's All Generally Relative | Financial Sense
- Might The Donald Be Good For Peace? | ZeroHedge
- Frontrunning: July 26 | ZeroHedge
- Hillary Clinton Is In Deep Trouble: "Hordes Of Wall Street Executives" Descend Upon Philly | ZeroHedge
- Why Hillary Is Nervous: "More Leaks May Be Coming" | ZeroHedge
- What Now? | Financial Sense
The most relevant financial news and articles from the Internets
- How to figure out if you're financially on track | Business Insider
- Donald Trump called on speakers from... | Business Insider
- There's still one major concern about Yahoo's remaining business that... | Business Insider
- What the middle class doesn't understand about rich people | Business Insider
- TRUMP: Bill Clinton 'left out the most interesting chapter' in his story about... | Business Insider
- The king of New York City's power lunch has officially closed, but a fan just... | Business Insider
- 'The ducks have aligned,' but the Fed will probably miss its... | Business Insider