Filed under: Major movement, Forecasts, Bad news, Penney (J.C.) (JCP), Options, Technical Analysis
J. C. Penney Company, Inc (NYSE: JCP) stock is plunging this morning as the company cut its Q3 outlook after widely missing September same-store sales estimates. J.C. Penney now expects to report profit of $1 per share to $1.04 per share in the third quarter, compared with a previous outlook for profit of $1.28 per share, while analysts have been expecting earnings of $1.29 per share. If you think this stock won’t be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on JCP.
After hitting a one-year high of $87.18 in February, the stock fell to a one-year low of $61.54 in August. This morning, JCP opened at $68.48. So far today the stock has hit a low of $64.08 and a high of $68.48. As of 10:45, JCP is trading at $65.05, down $2.95 (-4.3%). The chart for JCP looks neutral and was improving until today, while S&P gives the stock a positive 4 STARS (out of 5) buy rating.
Continue reading JC Penney (JCP) same store sales weak, outlook lowered
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