JCP dropped below $17 for about a 20% decline. More than 15% of its float has traded in less than 24 hours. 30% of the float is short.
Where to find maximum pessimism and hatred:
Here are the headlines.
“Simply stunning results” from J.C. Penney (JCP), says Tiburon Research’s Rob Wilson, quickly…
- Wednesday, February 27, 4:58 PM ET
Sales Sink, Stock Gets Hammered in After-hours Trading (Reuters)
Feb. 27, 2013, 4:44 PM More on J.C. Penney’s (JCP) Q4: No sigh of relief for investors just yet as the firm reports comparable store sales fell 31.7%, below the consensus call of -26.9%. Customer are fleeing, but no give up from CEO Ron Johnson: “…we are energized by our shop roll out plans.” Gross margin was crushed, falling to 23.8% of sales vs. 30.2% last year. Internet sales slumped again, losing 34.4% Y/Y just marginally better than last quarter’s 37% nosedive. Cash position $930M at end of Q4. No guidance is issued, but the retailer says it will open 20 shops geared toward home products in 505 stores with brand partners. JCP -4.4% AH. (PR) Read comments
· Shareholders need to revolt aggressively (Yahoo poster 6 PM 2/27/13)
The Board needs to fire Ron Johnson tonight. They need to then hirte a trustee to rebuild it and then resign en masse for hiring this imbecile. First rule of retail: Don’t f it up! Kill the BOD and Johnson NOW.
Ron Johnson couldn’t sell pus*y to a troop train. How many times will we sell retailers fail due to hiring rock star leadership who is so arrogant to turn away from the existing customers without attracting any replacements? Just desserts Ron. Eat #$%$. Ron is a $%^&*! piece of $%^&!
Where is the class action shareholder lawsuit ? Will RJ fly home tomorrow on the corporate jet ? Will he still be racking up insane bills at the Ritz ?
Can you feel the love? Yes, investors are upset, but do you read any deep analysis as to the value of the company?
What happened in this situation–Dillards (DDS)? Perhaps a case study is in order. Ron Johnson is a genius at $40 and now at $17 he receives death threats. I have never seen a turn-around take less than 36 months. Let’s check back in 2014.
Dillards monetized some of its real estate assets through a REIT.
I am not implying that JCP should do the same, but I recon there is a reason JCP has not dropped below $14 per share even in the dark days of 2009. Can the massive hate and fear take us to new lows? Not, if it doesn’t happen in the next month.