Cramer: JCPenney (JCP) Needs to Win Martha Stewart (MSO) Trial (M)
Jim Cramer is out with a brief observation on the JCPenney (NYSE: JCP), Martha Stewart Omnimedia (NYSE: MSO), and Macy's (NYSE: M) litigation today.
From Cramer's Twitter feed: "I met Terry Lundgren through Martha Stewart. They were so close. This is a tough one. $JCP needs her stuff, though. It is pretty good stuff!"
(As a reminder, Terry Lundgren is CEO of Macy's.)
JCPenney certainly does need Martha's "stuff." Since the start of 2013, shares have fallen over 15 percent, not aided in the least by its recent quarterly report showing a 30 percent drop in both sales and comps. The stock is down so much that Vornado (NYSE: VNO) is having trouble reasoning out why it should continue holding such a massive position.
Into the open, JCPenney is lower, while Macy's and MS Omnimedia are flat.
From Cramer's Twitter feed: "I met Terry Lundgren through Martha Stewart. They were so close. This is a tough one. $JCP needs her stuff, though. It is pretty good stuff!"
(As a reminder, Terry Lundgren is CEO of Macy's.)
JCPenney certainly does need Martha's "stuff." Since the start of 2013, shares have fallen over 15 percent, not aided in the least by its recent quarterly report showing a 30 percent drop in both sales and comps. The stock is down so much that Vornado (NYSE: VNO) is having trouble reasoning out why it should continue holding such a massive position.
Into the open, JCPenney is lower, while Macy's and MS Omnimedia are flat.