J.C. Penney Gets Hammered -- Is the End Near?
J.C. Penney has seen its stock get rocked in the wake of a massive third quarter earnings warning. Is the end near for the storied lowbrow department store? Perhaps.
There is a hole in J.C. Penney's (JCP) - Get Report shirt.
The department store lowered its full-year comp sales, profit and earnings forecast Friday, predicting that its sales will be flat at best or fall by 1%. It cut its adjusted earnings from 40 cents to 60 cents to 2 cents to 8 cents. Penney will also "accelerate the liquidation of inventory" in women's apparel.
Shares are down 25% at $2.74 each. And given its bleak outlook, the decline may not end.
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