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Shares of retail giant
J.C. Penney (
JCP) are finding some buoyancy again after dropping double digits in yesterday's session. The trigger was news that commercial lender CIT Group was starting to cut off credit to some of Penney's suppliers -- a major vote of concern for JCP's ability to pay its bills. Management refuted the claims today, boosting shares by 2.5%. This stock is still down considerably on the week.
Penney's drop is less concerning than it would be if shares had dropped below an important technical level. Instead, $14 still looks like strong support in JCP. That's not to say that shares look especially bullish from here -- the stock is still in a downtrend since its May highs. Even so, it doesn't look like the floor is going to fall out from here.
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-- Written by Jonas Elmerraji in Baltimore.
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