J.C. Penney Credit Rating LOWERED to BB- and 2 Stocks Hitting 52-Week Lows
J.C. Penney Company (NYSE:JCP): Standard & Poor’s Rating Service has lowered J.C Penney’s corporate credit rating from B+ to BB-, and removed all ratings from Credit Watch that had negative implications. ” This downgrade,” according to S &P, ” reflects their recent performance, that was below our expectations, and our view that they will continue to remain weak over the next 12 months. Based on this environment, it is our view that continued performance difficulties may result in the loss of market share to other players, such as Macy’s, Kohl’s, Dillard’s, or other department stores and specialty retailers.” Their shares closed at $20.30, down $0.46 or 2.22% on the day. They traded in a 52-week range of $$20.58 to 43.18.
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Solera Holdings (NYSE:SLH): Solera Holdings have announced that one of their subsidiaries has signed a definitive agreement to acquire all the assets of PS Holdings, whose services are sold under the “APU” brand name. This acquisition is subject to certain conditions, and is expected to close in the first quarter of Solera’s FY13. Their shares closed at $39.69, down $0.53 or 1.32% on the day. They have traded in a 52-week range of $40.01 to $60.26.
Sohu.Com Inc. (NASDAQ:SOHU): According to Xinhua, analysts expect China’s second quarter GDP growth to drop to under 8%. Their shares closed at $39.33, down $0.72 or 1.8% on the day. They have traded in a 52-week range of $39.71 to $90.37.
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