Morgan Stanley Downgrades JC Penney (JCP) to Equal-Weight
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Morgan Stanley downgrades JC Penney (NYSE: JCP) from Overweight to Equal-weight, citing weaker sales and margins and higher pension headwinds.
Morgan Stanley said margin turnaround pushed out to 2nd-half of '09.
J. C. Penney Company, Inc., through its subsidiary, J. C. Penney Corporation, Inc., sells merchandise and services to customers through its department stores and catalog/Internet channels.
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