J.C. Penny (JCP) Climbs as Shorts Take Profit
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Shares of J. C. Penney Company, Inc. (NYSE: JCP) climbed early on Thursday. The move came despite light volume and did not appear to be linked to news, which suggests some shorts are taking profits ahead of the July 4th holiday, say traders. A recent rally in the stock could also be creating a minor squeeze.
36.2 million shares of J.C. Penney are held short, or about 24.5% of the float. In the past 30 days, J.C. Penney has declined approximately 14%.
36.2 million shares of J.C. Penney are held short, or about 24.5% of the float. In the past 30 days, J.C. Penney has declined approximately 14%.
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