JCP - J. C. Penney Company, Inc.

NYSE - NYSE Delayed Price. Currency in USD
1.1300
-0.0400 (-3.42%)
At close: 4:02PM EST

1.1300 0.00 (0.00%)
Pre-Market: 8:56AM EST

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Previous Close1.1700
Open1.1700
Bid1.0700 x 28000
Ask1.1300 x 36100
Day's Range1.1200 - 1.1700
52 Week Range0.5300 - 1.9200
Volume4053986
Avg. Volume8,154,115
Market Cap362M
Beta (3Y Monthly)1.64
PE Ratio (TTM)N/A
EPS (TTM)-0.6900
Earnings DateFeb 26, 2020 - Mar 2, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend Date2012-04-05
1y Target Est0.89
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    Bloomberg

    A Massive Loan Trade Highlights Rifts in Junk-Debt Markets

    (Bloomberg) -- The massive offer sent ripples through the junk-debt market: Hedge fund H/2 Capital Partners was seeking to offload nearly $800 million of a J.C. Penney Co. loan.Traders are marketing the debt in the low 80s, potentially a steep discount for the first-lien loan, which had been changing hands for around 89 cents on the dollar. Credit insurance costs temporarily spiked and prices of other J.C. Penney debt dropped as investors caught wind of the offer Thursday.It was the latest example of a common occurrence this year in the market for junk-rated corporate debt. After years of gorging on loans and bonds of even the riskiest borrowers -- all in a pursuit of yield that became increasingly sparse -- buyers have been drawing a line and either bypassing or demanding deep discounts to lend to companies that may struggle in an economic downturn.This new caution has created a dearth of willing buyers for the lowest-rated companies, intensifying the typical year-end crunch. Investors have yanked money from funds that buy up leveraged loans for 54 of the past 55 weeks, and natural buyers like collateralized loan obligations are constrained in how much deeply-speculative debt like J.C. Penney’s they can hold. To make matters worse, it’s December, a time when liquidity typically dries up as firms get ready to close their books for the year.“Things feel really squishy and weak on the buying side,” said Jason Dillow, chief investment officer of hedge fund Bardin Hill. His firm manages $10 billion in assets.Under PressureDillow said firms that focus on stressed loans are under increased pressure to eke out or maintain positive returns for the year, making them likely to shy away from the types of distressed credits that could blow up.The potential pool of investors wasn’t huge to begin with. Funds that bet on troubled companies were sitting on about $80 billion of cash in July, a small sum considering that almost 40% of issuers of leveraged loans and high-yield bonds are graded B3 or lower, according to Moody’s Investors Service. The credit grader considers B3 rated companies with negative outlooks to be at risk of future distress.Meanwhile, investors have been eager to deploy cash in the higher-quality tiers of junk debt. Twitter Inc., with credit ratings in the top range of high yield, managed to borrow at one of the lowest rates ever in the junk-bond market last week. Double B rated speculative-grade notes have returned more than 14% this year through Friday, compared with 5.4% for CCC securities.Trading hefty chunks of debt in the opaque loan market can be difficult even in the best of times. Like elsewhere in the credit markets, leveraged loans change hands via a network of bank dealers that work their connections to find willing buyers. Post-financial-crisis regulations have made it more onerous for banks to keep large swaths of risky debt on their books, meaning that in a liquidity crunch, traders often don’t have the option of holding onto debt in hopes of receiving a better price later.J.C. Penney wouldn’t be the first retailer to see its debt suddenly drop. The year has been full of fast blowups and liquidity pressure in the leveraged loan market. Party City Holdco Inc.’s $721 million loan plunged to a record low after the retailer slashed its profit and sales outlook for the year in November, citing weak Halloween store performance and helium shortages. The debt fell from 99 cents on the dollar to the low 80s in less than a week, before recovering to around 90 cents.Even companies outside of retail have struggled. Earlier this year, media company Deluxe Entertainment Services Group Inc. saw its first-lien loan drop as much as 77 cents in three months to 12.5 cents -- a loss of more than than $600 million. It ultimately filed for bankruptcy.Liquidity RiskFor J.C. Penney, things had been looking up. It recently raised its earnings forecast for the year, and its debt rallied as the company signaled it was focused on managing its borrowings. An 89 cents on the dollar price on its term loan is a level that indicates some stress, but no imminent disaster.Read More: A $40 Billion Pile of Leveraged Loans Is Battered by Big LossesIn fact, there are some signs investors have been more willing to buy loans in recent months.“We’re seeing data that reflects healthy liquidity and two-way flows in the secondary loan market, particularly on the par side which accounts for 95% of all trade activity,” Ted Basta, executive vice president for market analytics and investor strategy at the Loan Syndications and Trading Association, said in an email.According to the LSTA, trading volumes in the debt spiked 19% to a six-month high of $64 billion in October. But buyers were harder to come by earlier this year. The August and September tally of $105 billion was the lowest two-month total since the fourth quarter of 2017, according to the LSTA.“Liquidity is there until it’s not,” said Angelo Rufino, co-head of credit at Brookfield Asset Management. Unlike prior downturns in distressed debt where loans might have dropped a few points, there are fewer willing buyers out there now for truly troubled credits, he said.“Once the problem emerges for companies with severe secular risks, there is no price at which you want to own that risk,” Rufino said.(Updates with additional information about Moody’s ratings in the seventh paragraph)To contact the reporter on this story: Katherine Doherty in New York at kdoherty23@bloomberg.netTo contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net, Claire Boston, Boris KorbyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Moody's

    COMM 2013-LC6 Mortgage Trust -- Moody's upgrades three classes and affirms nine classes of COMM 2013-LC6 Mortgage Trust

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  • J.C. Penney Lender Seeks to Offload $800 Million Piece of Loan
    Bloomberg

    J.C. Penney Lender Seeks to Offload $800 Million Piece of Loan

    (Bloomberg) -- H/2 Capital Partners is seeking to sell almost $800 million of a $1.7 billion loan made to J.C. Penney Co., according to people familiar with the matter. The potential transaction was large enough to spook bondholders and traders in the market for credit-default swaps tied to the retailer.Deutsche Bank AG is shopping the J.C. Penney’s first-lien term loan due in 2023 on behalf of the hedge fund, the people said, asking not to be named because the deal is private. The debt, which will be sold at auction, is being marketed at a potential price of around 87 cents on the dollar, a slight discount from current trading levels of around 89 cents.Representatives for Deutsche Bank and J.C. Penney declined to comment. Stamford, Connecticut-based H/2 didn’t return messages seeking comment.The retailer’s first-lien bonds due 2023 slipped over 4 cents on the dollar Thursday to as low as 81.5 cents before recovering to 84.25 cents Friday, according to Trace bond trading data. The cost of protecting J.C. Penney debt in the credit-default swaps market for one year rose as much as 7 percentage points upfront intraday to 23.5 points Thursday, before falling back to 17.7 points Friday.Plano, Texas-based J.C. Penney has been focusing on managing its debt load as it seeks to turn around its operations. Bloomberg reported in September that the company was preparing for talks with its creditors ahead of the critical holiday season. Chief Financial Officer Bill Wafford said in a November conference call that the retailer was “proactively” managing its obligations and is working to maintain its $1.7 billion of liquidity.To contact the reporters on this story: Katherine Doherty in New York at kdoherty23@bloomberg.net;Claire Boston in New York at cboston6@bloomberg.netTo contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net, Nikolaj Gammeltoft, Natalie HarrisonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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  • Thomson Reuters StreetEvents

    Edited Transcript of JCP earnings conference call or presentation 15-Nov-19 1:30pm GMT

    Q3 2019 J C Penney Company Inc Earnings Call

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    American City Business Journals

    J. C. Penney appoints new officer

    The appointment comes at a time when Plano-based JCPenney has undergone a series of changes with its brand, leadership and financial standing.

  • GlobeNewswire

    JCPenney Announces Chief Digital Officer

    J. C. Penney Company, Inc. (JCP) today announced Karl Walsh, an executive with more than 18 years of eCommerce expertise, joined the Company on Dec. 2 as senior vice president, chief digital officer, to lead strategic advancements of the Company’s digital platforms and bring the customer experience to life, most notably in its flagship store jcp.com. In this role, Walsh will report to Shawn Gensch, executive vice president, chief customer officer.

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  • J.C. Penney regains compliance with NYSE
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    The company officially regained compliance on Nov. 29 after announcing in August that it was no longer in compliance with listing standards.

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