Sign in to comment!

Menu
Home

Economy

With worries over future increasing, Penney shares sink to lowest point in more than 3 years

Investors are growing increasingly worried that J.C. Penney may not be able to stabilize its business soon.

Shares are down 10 percent to $18.60 in late morning trading Monday, earlier striking their lowest point since March 2009.

The department store on Friday posted its third straight quarterly loss and another steep sales drop. The chain, which is based in Plano, Texas, has been struggling since implementing a new pricing plan in February.

Credit Suisse analyst Michael Exstein says he's concerned that J.C. Penney Co.'s "road to recovery will be very difficult" if it doesn't slow its sales decline within six months. He has downgraded the stock to "Underperform" from "Neutral."

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.95% dw 4.01%  
15 Y Fixed Graph 3.10% dw 3.12%  
30 Y Fixed Jumbo Graph 4.23% up 4.22%  
5/1 ARM Graph 3.09% dw 3.11%  
5/1 Jumbo ARM Graph 3.53% up 3.52%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.65% dw 4.67%  
$50K HELOC Graph 4.02% dw 4.04%  
$30K Loan Graph 4.97% dw 5.00%  
$50K Loan Graph 4.33% dw 4.36%  
$75K Loan Graph 4.33% dw 4.36%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.69% -- 2.69%  
36 M Used Graph 3.18% -- 3.18%  
48 M New Graph 3.02% -- 3.02%  
48 M Used Graph 2.91% -- 2.91%  
60 M New Graph 3.07% up 3.06%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.38% dw 0.39%  
1 yr Graph 0.70% -- 0.70%  
5 yr Graph 1.50% -- 1.50%