J.C. Penney Refutes Bankruptcy Counsel Chatter and 2 More Heavily Traded Stocks to Follow
J.C. Penney Co. Inc. (NYSE:JCP): Current price $7.21
J.C. Penney spokeswoman Kristin Kays on Tuesday denied a market rumor that the historic department store chain has recruited bankruptcy counsel as shares plunged to a new 52-week low at $7.27. Kays said there is “no truth to the rumor,” the origins of which are not clear. The heavy selling of the shares included a large number of big block trades. Around 32.5 percent of J.C. Penney shares are held short by investors who bet against the stock rising, which makes the issue volatile.