JCPenney's (JCP) stock was having one of the steepest single-day drops in its history Thursday, and at the current level, it's in line for its third-worst session going back to at least November 1984.
That's as far into the past as FactSet data go, and it would mean that CEO Ron Johnson has been in office during two of the three biggest dives ever witnessed for the retailer's shares. The latest selloff comes only hours after the company reported horrible sales numbers for its fourth quarter, continuing a series of slumping results. If this area holds, he'll have overseen four of the nine grimmest sessions of all time.
So far, the most pronounced pullback for JCPenney was May 16, 2012 -- one of the bleak Johnson days -- when the shares sank 19.7% by the close. For now, they're dropping 15.6% to $17.85. That's actually quite a step up from the low, at which point the stock hit $16.57, a plunge of 21.7% from the previous finish. Roughly an hour into the trading day, volume already wasRead More »from JCPenney CEO Johnson Gets Another Steep Selloff