Breaking Finance News

BREAKING- J.C. Penney Now Down More Than 7 Percent

Shares of J.C. Penney (NYSE: JCP) are heading lower in mid-day trading Tuesday. The stock is now down by more than 7 percent after a note from Morgan Stanley (NYSE: MS) said that the company continues to burn through cash despite getting rid of former CEO, Ron Johnson.

J.C. Penney continues to remain under pressure even after the ousting of Ron Johnson. Shares of the company rose when J.C. Penney’s board brought back CEO Myron Ullman, shares popped but have since retreat to near 52 week lows.

Read More: J.C. Penney Spiking Higher on Positive CIT News

[stock-tools exchange="NYSE" symbol="JCP" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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