Holding steady on heavy BUYING not dumping AH, keep your heads people, was a great buying op, JCP showed solid improvement
Even this afternoon's FOOL article by someone probably short on JCP and fooling the public himself with scare tactics based on the fact that CEO Ullman allegedly did fool investors just B4 the public offering, and b/c the run-up in Nov. to $10.oo maybe was too much at once, admits JCP IS DOING BETTER QUARTER BY QUARTER, YEAR BY YEAR, IS RIGHT ON TARGET -- and NEXT YEAR WILL BE BETTER AND BETTER.
Can't blame JCP's current management and numbers for the lousy comp's during the "RJ era." This article like others is NOT based on any substance -- just griping that numbers may not have been spectacular.
-- Also keep in mind; IF THE NUMBERS WERE TRULY POOR JCP WOULDN'T RISK LOOKING LIKE A FOOL BY SAYING THEY WERE "PLEASED" WITH THEM. The only FOOL is the Motley Fool and cohorts.
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.