JCPenney Hits Lowest Price Since 1984 and 2 Other Hot Stocks to Watch
J.C. Penney & Co. (NYSE:JCP): Current price $9.00
Shares touched $8.59 on Monday, representing their lowest level since November 1984, over fears about the retailer’s turnaround prospects and financial situation. Investors were jittery after Penney’s said late Thursday that it is selling 84 million shares to raise cash with its underwriter authorized to sell an additional 12.6 million shares. The company also forecast that it would have had $1.3 billion cash left at the year end, versus its August projection of $1.5 billion without selling the shares. Its stock has fallen in 13 of the last 15 trading sessions, obliterating some two-fifths of its value.