JC Penney Adopts 'poison Pill'

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JC Penney Adopts 'poison Pill'

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JC Penney Adopts 'poison Pill'

Wochit 0:53 mins

Struggling retailer J.C. Penney is adopting a "poison pill" just two days after reporting its sixth straight quarter of big losses and steep revenue declines. The company said that the one-year shareholder rights plan will prevent any takeover attempts and will ensure that stockholders don't loss the chance to realize the full value of their investment According to an industry report, U.S. manufacturing activity hit a five-month high in August as hiring picked up and new orders increased at their fastest pace since January. Chipmaker Semtech Corp said it expects lower demand from its largest smartphone customers and forecast current-quarter results well below market estimates.

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