JCPenny Rebounds After Accord With Martha Stewart and 2 Other Hot Stocks to Watch
JC Penney & Co. (NYSE:JCP): Current price $6.54
Penney’s shares are up by between 3 and 4 percent Tuesday after the historic retailer agreed to alter its agreement with Martha Stewart Living Omnimedia in a manner that will hopefully make Macy’s lawsuit go away. Reuters reports that the modified arrangement allows Martha Stewart’s company to design its branded products for J.C. Penney in window treatment, holiday, and other categories that have not been claimed by Macy’s. Besides that, Penney’s also sold off its 17-percent stake in Martha Stewart’s company.