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
- The Market Is A Red Herring... Distracting Us From The Reality Of The Economy | ZeroHedge
- ECB Warns UK: Excluding Russia From SWIFT "Could Undermine Confidence In The Whole System" | ZeroHedge
- Putin Slams Ukraine Decision To Cut-Off Gas To East As "Genocidal" | ZeroHedge
- UNCLe ERiC'S CoRPoRaTE CaBiN... | ZeroHedge
- SYMPaTHY FoR THe GReeKS... | ZeroHedge
- A NoTiCe To ALL HoMeLaNDeRS... | ZeroHedge
- How To Trade Oil For HFT Idiots | ZeroHedge
The most relevant financial news and articles from the Internets
- Is the dress white and gold or black and blue? Photoshop says 'both' | Business Insider
- The most reliable predictor of whether a defendant will be... | Business Insider
- Russian defense minister explains why the Kremlin is militarizing the Arctic... | Business Insider
- Samsung is going to build a crucial part of the new iPhone (AAPL) | Business Insider
- The $9 billion reason why Salesforce CEO Marc Benioff is so confident... | Business Insider
- This is how much NATO member states spend on their military | Business Insider
- Here's what's new on Netflix in March | Business Insider