J.C. Penney sinks after analyst cuts price target to $1 !!!# Stock
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Very bad news, bankruptcy is coming???
Just saw this, I think I am not going to buy it back soon.
Shares of troubled retailer J.C. Penney (JCP) are falling after research
firm Imperial Capital warned that the company could seek bankruptcy
protection next year, and slashed its price target on the shares to just $1
from $5. WHAT'S NEW: According to recent news reports, J.C. Penney has hired
a bankruptcy attorney and is no longer receiving credit from Canada's
export agency, Imperial Capital analyst Mary Ross-Gilbert wrote in a note to
investors. While these reports could be inaccurate or misleading, they "
appear to be wearing down" J.C. Penney's management and its vendors, the
analyst believes. Investors are also becoming more concerned about the
company's prospects, she added. As a result, the company may have no choice
but to seek bankruptcy protection in 2014, the analyst believes. Ross-
Gilbert kept an Underperform rating on the shares. TODAY'S PRICE ACTION: In
early trading, J.C. Penney fell 26c, or 3.6%, to $6.75. WHAT'S NOTABLE: The
retailer's stock has fallen nearly 50% in the last month.
Just saw this, I think I am not going to buy it back soon.
Shares of troubled retailer J.C. Penney (JCP) are falling after research
firm Imperial Capital warned that the company could seek bankruptcy
protection next year, and slashed its price target on the shares to just $1
from $5. WHAT'S NEW: According to recent news reports, J.C. Penney has hired
a bankruptcy attorney and is no longer receiving credit from Canada's
export agency, Imperial Capital analyst Mary Ross-Gilbert wrote in a note to
investors. While these reports could be inaccurate or misleading, they "
appear to be wearing down" J.C. Penney's management and its vendors, the
analyst believes. Investors are also becoming more concerned about the
company's prospects, she added. As a result, the company may have no choice
but to seek bankruptcy protection in 2014, the analyst believes. Ross-
Gilbert kept an Underperform rating on the shares. TODAY'S PRICE ACTION: In
early trading, J.C. Penney fell 26c, or 3.6%, to $6.75. WHAT'S NOTABLE: The
retailer's stock has fallen nearly 50% in the last month.