Talk about stupidity. The ULTI CEO is developing a business that already has major players. Paycom and Sales Force absolutely dominate in the payroll software area. He is pulling a Johnson (as in Johnson of JCPenney fame} One large write off coming in a year!
Do you start negative and then look for whatever supports you because you have a short position? I hope the people in SC improve their situation, but try to remember that SC is one state and JCP has stores in many states, stores that have been very crowded. Their overall sales in SC are a very small part of overall sales. The rest of your information is and has been factored in to the price for the past year at least. They cut fat and that should be treated as positive and probably will be in the near future.
I've visited at least 30 JC Penney stores and they're always crowded. I rate it a buy because people do not go into JC Penney stores to site see. They go in to buy. This is the one to buy 8/14 out of the money calls.