J. C. Penney (JCP) Shares Recover on Conf Call Comments

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Shares of J. C. Penney Company, Inc. (NYSE: JCP) are bouncing off pre-open lows with investors focusing on comments from the conference call:

• Convinced transformation is on track
  
• Marketing overreached, didn't do enough print
  
• Went 'dark' on marketing until it got it right
  
• Halted July catalogs to rethink marketing
  
• Month-long value sale was 'wrong'
  
• Merchandise now just regular or clearance
  
• Investing heavily to drive traffic
  
• 'Encouraged' after marketing chances
  
• 'Encouraged' by start of back-to-school shooping
  
• August traffic down 7%, sales 2% better than spring
  
• Levi business up 25% in shop-in-shop
  
• May continue to pull guidance

Shares of JCP are down just 1 percent, after trading down 10 percent earlier.

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