Radar Movers: J.C. Penney Sinks Lower, American Apparel Surges 15%
Shares of J.C. Penney (NYSE:JCP) sank more than 5 percent in late afternoon trading. According to CNBC, Deutsche Bank will be offering 10 million shares of the struggling retailer from Vornado Realty Trust. The shares are expected to price between $16.40 and $16.60, higher than where they currently trade. Competitor Macy’s (NYSE:M) traded slightly higher in late afternoon hours.