No. I simply believe that Ron Johnson dug way too big of a financial hole for JC Penney to climb out of. They lost 31.7% of their customers in the fourth quarter of 2012 without any significant gain of the younger, more affluent customer Ron Johnson had sought. Shopping patterns become established and entrenched very quickly and the shoppers who left JCP in 2012 have found lots to love about their new-found retailers. In addition to chasing away their best shoppers, JCP also allowed itself to get typecast as 'the store where your grandma shops." This is anathema to any retailer. While senior women do spend money, they are not forming new households or starting careers like younger women. The name JC Penney is an extreme liability. One could put up JC Penney signs on all existing Wal*Marts without changing anything inside and Wal*Mart would likely be bankrupt in two to three years. JC Penney is a retailer without a profitable niche. Mike Ullman has returned JC Penney to its old racket of artificially inflating prices just to mark them down with sales and coupons. He's obviously doing better than Ron Johnson did but JC Penney is likely back to the old stagnation or slow decline that caused the JCP board to seek his replacement several years ago. The difference now is that JC Penney has tons of debt that it didn't have before. JC Penney will find itself forced to seek bankruptcy protection to reorganize and jettison unwanted leases. This will wipe out current JCP shareholders.
The honest answer is that no one knows - that goes double for people on this board. The only thing worse than not knowing is thinking you do (because, you don't).
JCP could still bo bankrupt, that would mean $0. Or, things could stablize and JCP could hit $20 in 9-12 months. If the earnigns announcement goes well next week, JCP could easily hit $9-$10 in a matter of days due to short covering. But then it would likely languish for a long time - trading sideways waiting for a real indication of long term direction.
This stock really is more about gambling than investing. But as long as you aren't puting too much of your money into it, have fun.