more stock buybacks or a 1 time dividend? If it's a buyback, I'm not interested. Long time investors deserve a dividend. And, please don't say they need all that capital for acquisitions.......they've spent a lot for Tumbler and others, and I don't see results. That doesn't even count the ridiculous pay/severance to the highly overrated Henrique De Castro for 1 years worth of work.....talk about just throwing money on the ground!!. Marissa wouldn't have slept through that meeting in Cannes if she wasn't trying to do both her job and his job...........just to make up for that debacle..
Did anyone notice tha 455,000 shares were traded today compared to a daily average of 67,000 shares? Yet no news, and up roughly a penny. Any comments on that? Was this just another odd day, or is there something we don't know behind it.
I guess with 30% of the shares short, every hedge fund mouthpiece has to write at leat 1 article per day i.e. "JCP, Not Out of the Woods", "Don't Catch a Falling Star", yada, yada. There should be a contest for most articles per day on a stock.written by retail no nothings.
In 2 years when this stock is back in the $20s, they'll all be citing Myron Ullman as the comeback kid, premier retailer, etc. He's a smart and prideful CEO, who was shamed and put out to pasture prematurely by Bill Ackman, that serial human wreckking ball of corporations. Ullman has all the shorts in his sights right now, and it's going to be painful when the shots reach teir targets.
His recent decision to stay on as CEO, rather than step aside, tells you how sure he is of JCP's revival. This is a wounded animal, now healed, who wants some revenge. So........write on.
All these downgrade articles are like an orchestrated wrestling tag team match where they a new guy jumps in keeps beating up on JCP. Never seen such journalistic obsessive compulsion about JCP and 90% read the same. Regardless of the changes brought on by Myron Ullman, they must 1st recite history, mention Ron Johnson/Bill Ackman's debacle, and cut and paste the same data from each other's articles. The funniest ones are those that say JCP "took a chance" on releasing Johnson (what......after he took the stock from $40 to $10!!).
They are all short the stock, so it's a self-fulflling prophecy as they scare the hell out of weak handed investors. 2 months ago, while listening to Pete Najarian on Fast Money emphatically say JCP "could to 0", a close friend sold her 2000 shares at $6/sh. She hasn't gotten over the money that left on the table.
That's the way it works folks and there's nothing you can do about it, so just hunker down and wait it out until JCP keeps proving itself. Personally, I sell calls. On the earnings announcment, I sold 40% of my stake at January $11 strike price. That put a lot of cash in my pockets, lowers my cost basis now to $6. I can always buy those calls back as the shorts continue the tag team match.
Here are synonyms for fatuous from the Merriam-Webster dictionary.
airheaded, birdbrained, bonehead, boneheaded, brain-dead, brainless, bubbleheaded, chuckleheaded, dense, dim, dim-witted, doltish, dopey (also dopy), dorky [slang], dull, dumb, dunderheaded, empty-headed, stupid, gormless [chiefly British], half-witted, knuckleheaded, lamebrain (or lamebrained), lunkheaded, mindless, oafish, obtuse, opaque, pinheaded, senseless, simple, slow, slow-witted, soft, softheaded, thick, thickheaded, thick-witted,
shorting the stock, so we had to do something about the squeeze. After all, we do have the power. Regarding the debt, remember Ford, liquidated assets when everyone was filing BK and borrowing from the gov't. They went from $1.50 to $15 in a year. Remember JCP's Plano property development. An eventual sell could reduce the debt significantly.
I own JCP at $7, and a much, much more Rite Aid at $3.20 cost avg.. People said the same about Rite Aid last year, when it was $2-$3 share, and it's now nearly $8/share. I guess shorts get some satisfaction out of making a fractional dollar on a pullback ,but you could have invested and made the big money as it goes up. Note: however, I do sell laddered calls during these short attacks, and buy them back later. I'm up a fortune on these 2 companies while watching a short scream in a capital letters for a $.50-$1/sh downturn?
Finally, why wish for bad things to happen to companies and people? RAD and JCP employee many 1000s of people......you want them to be unemployed in this lousy economy? No one's hiring....this is your country.
Finally, take a look at Bill Ackman who nearly ruined Penney's and is trying to do the same to Herbalife (I don't' own H'llife). Again,1000s of people will be out of work if he succeeds in shutting them down, and I guess he's proud of it. Just a rich kid with a wrecking ball.......that's your role model in life? Oh I forgot,Ackman's hedge fund made 10-15% in 2013. You could have made that throwing darts last year.
Wouldn't it be ironic if Mel Karmazin showed up with a group of private equity financiers and took this company private from Malone? Oh well.......we can only dream or wake up from this nightmare.
Like I said b4, 580 employees at $100,000/ yr were laid off to pay for this worthless pretty boy. Oh, but he worked for Google. Ever hear of Ron Johnson, Apple's retail czar who went to JC PENNY and ruined their business. How bout Steve Ballmer, ex P&G guy....did nothing for Microsoft and missed every tech innovation that came along. It's called the Peter Principle.
Could have worked for a yr at $100000 in lieu of De Castro $58 million for abject failure. Pretty boy, cool name, w no substance....but he worked for Google!! This everything that is wrong with corporate boards today.
Thank you for the post, but where did you find this announcent. As of 4/17/2014 at 10:15 am, I did not see it on Western Lithium's site under Press Releases/Investors, nor my Charles Schwab site, nor Yahoo Finance. Thanks again, but let me know where you found it.
Got the brand wrong, they were Levis. ordered some different colors, like to be sharp dressed, go out a lot, date, etc....you know the drill. Don't spend my days behind a computer. I shop in Macy's and Dillard's too, just observing that all the doom and gloom on JC Penney is just fabricated by the shorts. Do you just order on-line and think all your "friends" are on Facebook?
Re Scozzi's article on "3 Shifts for JCP", he's wrong about a few facts like their on-line capability, store traffic, etc. 2 weeks ago, I bought a pair of Lee jeans at the store, and then ordered 3 more pair on-line while at the store. They received them in 3 days, called me, and I picked them up. So, as usual, Mr. Sozzi's information that the store still can not process on-line orders is incorrect. Furthermore, when I drove up to the Penney's in Mesa, Arizona mall, where Macy's was next store, I compared the quantity of cars in their respective lots, and Penney's appeared to have 20% more. I guess coaxing their customers "over the head" with gimmicks is working!!, Finally, regarding JCP "ubervolatile stock", it's been the least volatile over the last month. Chart it compared to anything else. It's been steady as a rock in the $8.75 area. I guess when you're short a stock and have the power of the pen at "The Street" you do the best or worst you can do.....right Mr. Sozzi?
All of you could have bought the stock at $5-$6 and been up 30-40% in less than 2 months. How's that compare to how the overall market, or Macy's or any others during that period? Shorts are just mumbling to themselves, just praying that they don't get hit with the mother of all squeezes on some announcement. It could bounce to $10-$12 in a week.
Yes, I'm sure you guys with your short positions are very, very concerned about this terrible, terrible harm to consumers. How's that squeeze from $5 to $8.....getting worried, grabbing straws?
Now, that they scared JCP shareholders into to selling at $5, they've got egg on their facce at $8. They scared a friend of mine into selling all 1500 shares of her shares at $5.50. Oops... did we cause you to miss nearly $4000? Now, let's start writing some semi-positive articles with lots of BUTS like sales per sq. foot are up, but is it enough!!
I'll put my money behind the CEO and the ex-CEO of Saks who is on the board. Motley doesn't know s***t. Caused my wife to sell all her Sirius in the $1.75 range......but they like it now. Why would anyone subscribe to them. Their big thing at the end of every article is buy dividend stocks and DRIP. You need a subscription service to know that?
At Superstitionon Springs Mall in Mesa, AZ, I shopped at Penney's last Saturday afternoon, and bought a pair of IZOD golf slacks, 2 IZOD long sleeve shirts, and some Stafford underwear. Total was approx. $107. Plenty of people in the store (no different than Macy's next door), and the place was well laid out, and every clerk was friendly. All this in contrast what the short buffoons, who never go to any of these stores, want you to believe.
Afterwards, I went to Macy;s next door, total price for similar slacks, shirts, etc. was not much different....so much for everything going at rack sale prices in Penney's.
Well, I see that the short covering has subsided, and the short position tag team match started up today with analyst Mary Ross Gilbert jumping in the ring first, talking about a secondary, restructuring, yada, yada. She must have some clients in real pain after telling them to short the stock at $5/sh. And, of course, Barron's, the mouthpiece for hedge funds, is doing her bidding. I''d like to see some Canadian or European retailer come in and make an offer for them. Shorts will be jumping out of their windows.
Yesterday, on Fast Money Halftime report, they covered the "pop" in JCP. Pete Najarian, who a few weeks ago would end every show with "I'm short JC Penney, this thing could go to 0!!!", could only look down at his desk with a sheepish look as they covered the pop. One of the other traders, said no one should short this stock, any change in foot traffic reported, and JCP could take off like a rocket. Pete got wiped on this one. Isn't it amazing how Myron Ullman, Steve Sadove (SAKs), experience retailers, who told everyone this thing was turning around, got absolutely NO CREDIT. But, all the junior writers who were just cut and pasting the same JCP disaster prediction story were believed. Just shows what a bull s**t market this is, along with the analysts and the media.