Just goes to show you that the Wall Street #$%$s can do anything they want with a stock price regardless of what the company actually says. The company is on record as saying the rumor is not true, but it doesn't make any difference. Some #$%$ or #$%$s on the street needed this stock to be at $7 today for option expiration. The street is so RIGGED and the SEC is powerless to stop the manipulation.
This is a management team that said in August there would be no additional capital raise in 2013. They said the would finish the year with $1.5 billion. A month later, they guided the $1.5 down to $1.2 billion and raised capital by screwing shareholders.
If anything, JCP management are the ones guilty of spreading false rumors about the forward prospects and luring in investors in only to revise numbers lower, over and over and over again.
JCP is heading to bankruptcy court. Any chance they had was back in the summer to stop the strategy and close down 1/3 of the stores immediately. Instead, they kept it all in place, spent huge on advertising, deeply discounted the entire store and lost most of the $2.25 billion they got from Goldman.
I mean, this is a company that has raised over $3 billion in the last six months and are trumpeting the fact they will have $2 billion left by the end of the year? You know that will be $1.7 billion at best.
And you know they need at least a billion on hand to assure vendors their merchandise will be paid for. They will not make it through the long slog between new Year and back to school. Bankruptcy in March. Mark it down.