exactly -- it made all the targets, can't be blamed on what happened in the past, even the worst critics like the guy who wrote this afternoon's FOOL article have to admit that -- then look for excuses to bash the stock.
JCP did meet targets: maybe there will be no "earnings surprises" but that has already been MORE THAN factored into the dip into the low 8's, today was ridiculous. HOLDING AH, smart money sees it's a cheap buy up.
From the FOOL:
To its credit, J.C. Penney did reiterate existing Q4 guidance, which most notably called for comparable-store sales and gross margin to improve sequentially and year over year.
But it didn't exactly set a high bar considering that last year's results were horrendous. What's more, shares of J.C. Penney fell by more than 4% after it told investors that November's same-store sales rose 10.1%. And that increase would have been fine, except most analysts were already hoping J.C. Penney would report double-digit comps in November, anyway.
In addition, while the guidance also called for total available liquidity to be "in excess of $2 billion at year end," that served as little solace for investors whose stakes were diluted by 38% in Q3 thanks to the company's massive secondary stock offering, through which Goldman Sachs helped it sell 84 million shares at below-market prices.