Breaking Finance News

BREAKING: J.C. Penney Up More than 6 Percent After Dispelling Rumor

Shares of J.C. Penney (NYSE: JCP) are up more that 6 percent in pre market trading after the company said that CIT Group (NYSE: CIT) continues to support deliveries to its stores.

Wednesday, the New York Post reported that CIT Group had met with J.C. Penney management to inform them that they would no longer finance supplier shipments to J.C. Penney stores. This sent the stock down more than 9 percent by the close of the trading day.

It made for a bad day for hedge fund manager Bill Ackman who still holds a long position in the stock.

Read our coverage of yesterday’s announcement here.

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

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

New to Breaking Finance News? Read about our format here.

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