J. C. Penney (JCP) Declines, Stock Nears 52-Week Lows
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J. C. Penney (NYSE: JCP) stock moved lower on Wednesday, nearing 52-week lows at $12.34. Investors continue to raise concerns about cash, and the company was featured in blog post in Seeking Alpha. According to the blog writer, Penney's underlying cash burn is worse than it appears.
Yesterday former J.C. Penney stakeholder Bill Ackman of Pershing Square unloaded 39 million shares of the retailer at a price of $12.90. The sale amounted to a loss of $470 million.
Following the sale, shares rallied, but the move higher appears to short-lived and the sock is back under pressure at $12.90 in late-morning trading.
Yesterday former J.C. Penney stakeholder Bill Ackman of Pershing Square unloaded 39 million shares of the retailer at a price of $12.90. The sale amounted to a loss of $470 million.
Following the sale, shares rallied, but the move higher appears to short-lived and the sock is back under pressure at $12.90 in late-morning trading.
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