Breaking Finance News

BREAKING- J.C. Penney Spiking Higher on Positive CIT News

Shares of J.C. Penney (NYSE: JCP) are spiking higher in pre-market trading on news that CIT (NYSE: CIT) has lifted credit restrictions on the company. The stock is up 3 percent in premarket trading but has opened up 1 percent.

On Wednesday, the New York Post reported that CIT, one of J.C. Penney’s creditors was withholding financing for deliveries to J.C. Penney stores. This sent the stock down sharply and made for a very bad day for hedge fund manager, Bill Ackman who holds a long position in the name.

[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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