x2 -- Could just be another example of what JCP posted 8-days ago. Pretty bottoming-tail-looking candle back then, as well. I'd say that this most recent bottom-looking-tail doesn't have nearly enough volume behind it to truly be seller exhaustion. Like @AverageJoesTrades thougj, just my 2-cents!
Selling off today took it closer to that $6 number! J.C. Penney to Close Up to 140 Stores J.C. Penney Co. Inc. (JCP) said it plans to close between 130 and 140 of its stores in the next few months as it reported a quarterly decline in same-store sales Feb. 24. The stores account for 13 to 14 percent of J.C. Penney’s current store portfolio, but together they only draw five percent of annual sales. J.C. Penney will also close two distribution centers in Florida and California to "help align the company's brick-and-mortar presence with its omnichannel network" by allowing it to focus on maintaining a high brand standard, the company said in a press release. The stores targeted for closure either require significant capital to raise them to the new brand standard, or they are significantly less cash-flow positive than other locations
Another nice bear market rally here for JCP The longer term trend is not pretty, but these pops are amazing if you can catch them!
Retail is on the decline big time. Macy's and all the others got hammered today as well. We will see if it can bounce back may go cheaper
Shares of J.C. Penney ($JCP) are under pressure in pre-market trading after the department store chain reported a significantly wider first quarter loss on weaker than expected revenues.
We continue to expect to report significantly improved top-line results this quarter versus the first quarter. Marvin Ellison CEO
Another thing that would have my trigger shy on this one is the fact that JCP is a dying company, similar to a lot of the more old fashioned retail stores. I know most of us are primarily trading based on technicals, but sometimes it's just important to remember the state of that company as a whole. Money can still be made short-term obviously, but FOR ME, I have trouble trying to trade them. Gamestop is another one that I actively avoid for LONG trades for the same reason, it's being phased out.
I hear ya. Definitely would be running for the exits in a hurry since the brands that are on their way to extinction often start trending higher and then get hit with a vicious gap lower. If I get involved I will try to flip it quickly.
Keep an eye on this, it rampaged yesterday on the heels of Macy's. Look at the chart patterns, nice IHS, nice failed breakout at 4.250 yesterday, and a few easy levels with a target near 6.15. If you like swing trading, and feel value stocks are going to be a good play now/soon/moving forward, put this into your evaluator. JCP has cleaned up debt, reconfigured its offerings, added appliances in a shot across the bow at failing SHLD, and is looking pretty good going forward. Now zoom out to a weekly chart for a taste of its long term potential. Disclosure: I am currently long JCP.
Yeah right, for maybe five minutes. It blew up at the open on the back of the Macy's beat. JCP reports March 2, big estimate but rumor is they will beat it based on blowing things out over the holidays. They stole CEO from HD, he has a good team. I think this is a pretty good value play for anyone looking to set it and forget it for a while.
came close to picking some up his morning @ low but thought it might hit another low before bouncing but holding here pretty good so far so will what happens tomorrow before getting in here.
. . Profile Sector Consumer Cyclicals Industry Department Stores Employees 98000 J. C. Penney Company, Inc. is a holding company. The Company's business consists of selling merchandise and services to consumers through its department stores and its Website at jcpenney.com. Its department stores and Website generally serve the same type of customers, its Website offers virtually the same mix of merchandise as its store assortment and other categories, and its department stores generally accept returns from sales made in stores and through its Website. It fulfills online customer purchases by direct shipment to the customer from its distribution facilities and stores or from its suppliers' warehouses and by in store customer pick up. The Company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products through Sephora inside JCPenney, home furnishings and appliances. In addition, its department stores provide its customers with services, such as styling salon, optical, portrait photography and custom decorating.
Curious what everyone thinks about JCP? Its cheap right now @ $1.96 Bounce back, or is it going under like KMart
