J.C. Penny Shares are Volatile
J.C. Penny (JCP) shares fell to their lowest level in 13 years yesterday, diving more than 15%. Today JCP shares spiked up 10% this morning and have since cooled down to a positive 3.3%.
JCP has not been a single digit stock since the great crash of 1999. Yesterday JCP hit $9.52. Yikes. It's hard to find a bullish view on the classic retailer. Bill Ackman and Ron Johnson are no longer involved and that can be seen as a positive (but also a sign of great failure).
JCP shares finally received some positive press today via Reuters:
(Reuters) - J.C. Penney Co Inc (JCP.N) Chief Executive Myron Ullman told investors he does not see the need to raise cash this year, CNBC reported, reversing a sharp fall in the retailer's shares.
J.C. Penney shares jumped 18 percent from their early morning low after CNBC reported Ullman's comment, citing a source.
The shares fell 15 percent on Wednesday after Goldman Sachs said Penney's sales would likely grow more slowly than expected.
That added to concerns the company may not be able to boost its cash reserves ahead of the crucial holiday season when it needs to buy merchandise, advertise and hire staff.
Reuters, citing sources, reported on Wednesday that J. C. Penney was looking to raise up to $1 billion in new equity.
A J. C. Penney spokeswoman declined to comment on Ullman's reported statement but said vendors were still supportive of the company's efforts to turn its business around.
The company said earlier on Thursday it was pleased with the progress of its turnaround efforts and still expected positive comparable-store sales trends coming out of the third quarter and throughout the fourth.
It remains to be seen if JCP can get is act together and lure back Wall Street and shoppers.
FYI -- Real Mastery commentary can now be found at TrendsandReturns.com
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