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
- Chinese Yuan (And Copper) Tumbles As Money Supply Growth Plunges To 13-Year Lows | ZeroHedge
- The S&P 500 Enters "Vertical Straight Line Up" Formation | ZeroHedge
- Lassonde: Gold Moving Sideways; Very Bullish on Natural Gas | Financial Sense
- The Next Hurdle for the Softs | iBankCoin.com
- Direct Edge Breaks | ZeroHedge
- Late Night Strategy for Tuesday | iBankCoin.com
- Bought Back Into MAA For $67.74 | iBankCoin.com
The most relevant financial news and articles from the Internets
- SOCIAL INSIDER: Facebook Payments? —... | Business Insider
- 10 Acclaimed Directors Who Have Never Had A Box Office Hit | Business Insider
- Gold Just Fell Out Of Bed | Business Insider
- What To Eat To Ease Nearly Every Human Ailment | Business Insider
- ‘Game Of Thrones’ Actor Is Retiring After Sunday Night’s Episode | Business Insider
- Tiny Upstate New York School Wins NCAA Hockey Championship | Business Insider
- Notable Mergers and Acquisitions of the... | StreetInsider.com