|Bid||0.9200 x 2900|
|Ask||0.9140 x 1200|
|Day's Range||0.8800 - 0.9978|
|52 Week Range||0.8000 - 2.6500|
|Beta (3Y Monthly)||2.71|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 14, 2019 - Aug 19, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||1.10|
J.C. Penney Co. Inc. shares fell 10.2% in Friday premarket, and more than 11% after the market opened following a late-Thursday report that it has hired advisors to restructure its debt in order to allow for more time for a turnaround. J.C. Penney stock has fallen 65% over the past year while the S&P 500 index has risen 6.1% over the period. As of May 4, 2019, the company had total long-term debt of about $3.9 billion, according to FactSet. Restructuring plans are in the early stages, according to Reuters. "Although we recognize that J.C. Penney continues to maintain good liquidity, with about $1.75 billion of revolver availability and cash, our downgrade to Caa1 stable reflects the reality that leverage remains extremely elevated as the company embarks on its turnaround," Moody's wrote in a June 17 note. "Despite the areas of opportunity for improvement, which include its assortments, management of shrink and online, significant progress will take time. In addition, the magnitude of the improvement needed to refinance the capital structure long term is also significant." J.C. Penney released a statement late Friday saying the company "routinely" hires outside advisors, which is helping it to take measures to improve the business. "We have no significant debt maturities coming due in the near term, and we continue to maintain a strong liquidity position," the company said. "Also, given our strong liquidity position we can confirm that we have not hired any advisors to prepare for an in-court restructuring or bankruptcy." J.C. Penney stock closed Friday down 17%.
“As a public company, we routinely hire external advisors to evaluate opportunities for the Company. Follow @jcpnews on Twitter for the latest announcements and Company information. J. C. Penney Company, Inc. (JCP), one of the nation’s largest apparel and home retailers, combines an expansive footprint of over 860 stores across the United States and Puerto Rico with a powerful e-commerce site, jcp.com, to deliver style and value for all hard-working American families.
JCPenney (JCP) has hired advisors to evaluate its debt-restructuring options, as it needs more time to turn its struggling business around.
Reuters reported Thursday that JCPenney could be exploring debt restructuring options, citing sources. The Plano retailer released a statement Friday saying that it has not hired any advisors to prepare for an in-court restructuring or bankruptcy.
Stocks look to close the week on a strong note, with Dow Jones Industrial Average, S&P 500, and Nasdaq futures all rising Friday morning.
Shares in JC Penney tumbled more than 15 per cent in premarket trade on Friday following a media report the struggling US department store operator had hired advisers to explore debt restructuring options. The company’s challenges have mounted of late, ranging from the surprise departure in 2018 of chief executive Marvin Ellison and a more than doubling in its loss for its most recent fiscal year as heavy discounts on its products fail to attract shoppers. The decline followed a report from Reuters that said the Plano, Texas-based retailer had hired debt restructuring advisers in an effort to buy time to engineer a turnround.
JC Penney tasked experts to explore options that would give the company more time to oversee a turnaround in the face of $4 billion of debt which needs to be addressed in the coming years, sources told Reuters. During that time period, the company named Marvin Ellison as CEO and then introduced appliances to sales floor. Management has a turnaround plan on the table, source told Reuters, but remains in early stages so JC Penney needs help in avoiding a potential bankruptcy filing.
Investing.com – Wall Street jumped on Friday as strong earnings from Microsoft (NASDAQ:MSFT) helped lift tech stocks, while comments from New York Federal Reserve President John Williams boosted hope of a half-point rate cut at the end of the month.
The struggling department store chain has debt totaling about $4 billion that is scheduled to come due in the next few years.
The 117-year-old department store chain's move represents a high-stakes attempt to get its financial house in order before its cash coffers dwindle and its debt, totaling roughly $4 billion, comes due in the next few years. The Plano, Texas-based company faces fierce competition from discount retailers such as the TJX Cos Inc's Marshalls and T.J. Maxx chains, and J.C. Penney has struggled to boost the profile of its e-commerce business to rival established players such as Amazon.com Inc . While J.C. Penney has more than $1.5 billion available under a revolving credit line, investors have continued to sell off the retailer's shares in response to financial losses.
A good rule of thumb to follow in investing is that penny stocks usually aren't good stocks. Most stocks don't IPO at prices below $10. As such, if a stock is trading below $10 or below $5, it means investors have sold the stock off to those levels, and such big selloffs aren't typically the result of good fundamentals or news.Because of this, when dealing with penny stocks, it is always important to remember that these stocks weren't birthed as penny stocks. They were birthed as regular stocks, and fell into penny stock territory due to poor fundamentals.That is especially true for the following list of 8 penny stocks that have fallen from grace. Once upon a time, each one these penny stocks was a high flyer that the market thought could be a huge success. Then, reality hit, and none of them ended up being what they were supposed to be. Investors dumped the stocks, and now, each one of these former high flyers trades in penny stock territory.InvestorPlace - Stock Market News, Stock Advice & Trading TipsAre these huge selloffs buying opportunities? Or are they reason to stay away? It depends. For some of these fallen-from-grace penny stocks, the selloffs are overdone. For others, they aren't. * 9 Retail Stocks Goldman Sachs Says Are Ready to Rip With that in mind, let's take a closer look at these fallen-from-grace penny stocks, and see not only why they fell from grace, but whether or not they can bounce back from here. J.C. Penney (JCP)Source: Shutterstock All-Time High (Year): $80 (2007)Current Price: $1.15Why It's Dropped: Big box department store J.C. Penney (NYSE:JCP) was once an iconic stalwart of a thriving mall industry. That was back before the 2008 Financial Crisis, and before the onset of mainstream e-commerce. Then, Amazon (NASDAQ:AMZN) came along, and shopping pivoted into the digital channel. Some traditional retailers kept up with the times. J.C. Penney did not. In-store performance deteriorated, and without any help from a burgeoning digital business (because there was none), financial resources were depleted and JCP stock fell off a cliff.Can It Bounce Back: JCP stock is unlikely to bounce back, for two simple reasons. One, the consumer has moved on. Between Amazon, Walmart (NYSE:WMT), Target (NYSE:TGT), Etsy (NASDAQ:ETSY), Shopify (NYSE:SHOP) stores, and more, consumers have all the stores they need to get everything they want. J.C. Penney is no longer a necessary retail destination for consumers. Two, the company is running up huge losses against the backdrop of a debt burdened balance sheet that renders the company both unable to innovate and invest, and unable to use time to its advantage. As such, the most likely path forward for JCP stock is lower. Groupon (GRPN)All Time High: $25 (2011/12)Current Price: $3.40Why It's Dropped: Once upon a time, the idea of a centralized online coupons site sounded genius, and that's why Groupon (NASDAQ:GRPN) had a pretty hot start on Wall Street. Then, the commerce world changed, as retail behemoths like Amazon, Walmart, and Target made low prices the norm (thereby somewhat eroding the need for discounts). At the same time, Groupon's growth started to flatten out, and profitability remained a huge question mark. These growth and profitability struggles have persisted for the past several years, and as they have, GRPN stock has dropped in a big way. * 5 STARS Stocks Smashing the Market (FANG Stocks, Too) Can It Bounce Back: In the long run, GRPN stock can bounce back, mostly because the company has the ability to execute an impressive turnaround through focusing on discounts for experiences (not discounts for products), and through emphasizing local sales (so as to avoid competition with the likes of Amazon, Walmart, and Target). But this turnaround is progressing at a snail's pace. Thus, while I have faith that GRPN stock can and will bounce back from these under-$5 levels, it will take time. Pier 1 (PIR)Source: Shutterstock All Time High: $500 (2013)Current Price: $6Why It's Dropped: Home furnishings retailer Pier 1 (NYSE:PIR) was once considered one of the premiere retailing destinations in a thriving physical home-goods market that was largely exempt from the e-commerce onslaught, mostly because furniture was supposedly the type of stuff consumers wanted to touch and feel. As it turns out, though, that's not true. The e-commerce trend has penetrated into the furniture market over the past several years, and as it has, sales and customers have flowed out of Pier 1 and into platforms like Wayfair (NYSE:W). Pier 1's margins and profits have consequently contracted, and PIR stock has plummeted.Can It Bounce Back: PIR stock can and should bounce back from here, but the current trends underlying the company are so negative (huge revenue drops and big margin erosion, neither of which are slowing) that betting on a PIR stock turnaround here simply seems too risky. If those trends do start to stabilize, this stock can and will bounce back in a big way. But until then, the best place to hangout is on the sidelines. Blue Apron (APRN)Source: Shutterstock All Time High: $150 (2017)Current Price: $7.50Why It's Dropped: At the time of its IPO in 2017, Blue Apron (NASDAQ:APRN) was being heralded by some as a next-generation meal kit platform that was going to change the way consumers did their grocery shopping. But old habits are hard to break, and how consumers do their grocery shopping is one of the oldest habits in the book. As such, Blue Apron's growth trajectory since its IPO has dropped into negative territory, while profitability has remained elusive. This combination of slowing growth and rising losses has driven APRN stock substantially lower. * 3 Breakout Stocks to Buy Can It Bounce Back: APRN stock will likely keep falling for the foreseeable future. Meal kit market trends remain sluggish while competitionis only increasing. Thus, Blue Apron is potentially looking at shrinking market share in an increasingly competitive and slowing growth meal kit market. That combination implies that revenue, margin and profitability struggles will persist for the foreseeable future. As they do, APRN stock's struggles will persist, too. Rite Aid (RAD)Source: Shutterstock All Time High: $1,000 (1999)Current Price: $8.65Why It's Dropped: The story at Rite Aid (NYSE:RAD) is very similar to the story at J.C. Penney. Broadly speaking, both mall retail and pharmacy have been uprooted by secular changes in consumption and flooded with tons of competition. Much like J.C. Penney, Rite Aid has struggled to keep up with these changes, and has lost market share to competitors. The result has been persistent drops in revenue, margins, and profits, against the backdrop of a debt-heavy balance sheet. That combination has ultimately scared investors away in droves, and PIR stock has come crashing down over the past several years. * 3 Retail Stocks to Buy Now Can It Bounce Back: Also much like JCP stock, RAD stock is unlikely to bounce back in the foreseeable future. Amazon has yet to truly enter the pharmacy space, but their launching of an e-pharmacy business is inevitable at this point. When that business does launch, it will provide additional competitive headwinds for Rite Aid, the sum of which will keep revenues, margins, and profits in a secular downtrend. So long as that remains true, PIR stock will continue to creep towards $0. GameStop (GME)Source: GameStop All Time High: $60 (2007)Current Price: $4.80Why It's Dropped: Before the 2008 Financial Crisis, video games were bought in stores, and the go-to place to buy video games was GameStop (NYSE:GME). But over the past decade, video games have shifted from being bought in store, to being downloaded through the cloud. This shift has made GameStop an increasingly irrelevant retail destination for gamers. GameStop's sales, margins and profits have consequently been hit hard, and GME stock has dropped.Can It Bounce Back: At this point in time, a bounce back rally in GME stock is unlikely. The cloud gaming shift is only accelerating and gaining momentum, as multiple next-gen cloud gaming platforms are expected to launch in late 2019 and early 2020. These new platforms will make GameStop only more irrelevant than ever before. Sales, margins and profits will continue to drop. So will GME stock. GoPro (GPRO)Source: GoPro All Time High: $100 (2014)Current Price: $5.50Why It's Dropped: Shortly after its 2014 IPO, GoPro (NYSE:GPRO) stock went hyperbolic as Wall Street fell in love with this company's potential as a next-generation media giant. The idea was that GoPro's action cameras were creating a new form of media content, from which the company could create a content-rich streaming platform, like the YouTube of action sports. That never happened. Instead, it turns out that the action sports market is pretty niche, and there really isn't much potential on the content side here. As such, over the past several years, reality has sunk in that GoPro is just a camera hardware maker for a niche action sports market. As that reality has sunk in, GPRO stock has crashed. * 7 Short Squeeze Stocks With Big Upside Potential Can It Bounce Back: GPRO stock won't bounce back from here. But it also won't fall much further. Instead, GPRO stock seems fairly valued today considering its reality as a stable but limited growth and low margin hardware maker in a niche market. Further downside seems limited by the fact that the valuation is depressed and growth trends are stabilizing. Further upside seems limited by the fact that growth rates and margins will remain relatively muted for the foreseeable future. As such, GPRO stock projects to stay stuck in the mid to high single digit range for the next few quarters. Fitbit (FIT)Source: Shutterstock All Time High: $50 (2015)Current Price: $4.40Why It's Dropped: Much like GoPro, Fitbit (NYSE:FIT) was hyped up around its IPO as a next-generation hardware company with both huge hardware and software growth potential in the long run. Also much like GoPro, though, Fitbit never lived up to that hype. Instead, Fitbit's hardware growth trajectory fell flat, as competitors innovated more quickly than Fitbit and stole market share, and the software growth narrative never really materialized. This end-to-end growth narrative erosion, coupled with continued weak margin and profit trends, has caused FIT stock to plummet over the past several years.Can It Bounce Back: A rebound in FIT stock seems unlikely at this point in time. There was hope that new smartwatch products would catalyze a rebound in declining Fitbit sales. But that tailwind has already largely come and gone and didn't leave much of a lasting positive impact. At the same time, FIT stock seems fairly valued considering its reality as a niche consumer tech hardware maker. Going forward, there is upside potential on the data side of things. But that upside potential lacks clarity. All in all, then, the growth narrative here still remains more negative than positive, and that dynamic will ultimately prohibit FIT stock from staging a big turnaround.As of this writing, Luke Lango was long AMZN, WMT, TGT, and SHOP. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 9 Retail Stocks Goldman Sachs Says Are Ready to Rip * 7 Services Stocks to Buy for the Rest of 2019 * 6 Stocks to Buy and 1 to Sell Based on Insider Trading The post 8 Penny Stocks That Have Fallen From Grace appeared first on InvestorPlace.
Rating Action: Moody's affirms ten classes of GSMS 2012- GCJ7. Global Credit Research- 16 Jul 2019. Approximately $1.02 billion of structured securities affected.
Rating Action: Moody's affirms seven and downgrades two classes of WFCM 2010- C1. Global Credit Research- 15 Jul 2019. Approximately $568.7 million of structured securities affected.
Moody's rating action reflects a base expected loss of 7.1% of the current pooled balance, compared to 5.2% at Moody's last review. Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Rating Action: Moody's affirms ten classes of UBSCM 2012- C1. Global Credit Research- 15 Jul 2019. Approximately $1.04 billion of structured securities affected.
J.C. Penney Company, Inc. announced Wednesday that is has appointed a new board member with more than 30 years of department and retail experience. W. Paul Jones will join the Plano-based company’s board of directors, and served as CEO of Payless ShoeSource before retiring in 2017.
Go into any Primark store — or Penneys, as it is called in Ireland — and you will find rail upon rail of young, colourful and inordinately cheap clothes. The retailer’s current tagline is: “Amazing fashion, amazing prices”. This is the vision of one determined, meticulous and slightly mischievous retailer, Arthur Ryan, who has died aged 83 after a short illness.
PLANO, Texas - (July 10, 2019) - J. C. Penney Company, Inc. (JCP) today announced that W. Paul Jones, a retail industry veteran with more than 30 years of department store and specialty retailing experience, was elected to its Board of Directors. Jones served as chief executive officer of Payless ShoeSource, retiring in 2017, and brings extensive leadership, merchandising and operations proficiency to the JCPenney board. "Paul`s areas of expertise are highly complementary to the Company`s focus on delivering an exceptional shopping experience to our customers," said Ron Tysoe, chairman of the JCPenney Board of Directors.