UBS downgraded this morning to sell. Prior to the news of the new CEO. A close below friday's low and I'm out. I didn't initially have that expectation, but considering the news and move....it HAS to hold. Ironically, the move seems desperate. CEO won't be able to affect much at all for holiday. Could give the shorts fresh ammo. But, I think most of them will just take some profits and reload higher. Afterall, they got a great move from just 2 weeks ago.
Well - despite the sell recommendations from Goldman and Credit Suisse, Zacks came out with a strong buy today (apparently after the market close): http://finance.yahoo.com/news/j-c-penney-upgraded-strong-222510298.html
GNAB! Hit a new 52 week high today. This is the longest I've held a stock (well, with the exception of Kay Pro - remember those computers from back in the 80's? I bought it at 0.25 back in about 88 or 89 and for years afterward I continued getting statements from Schwab saying "1000 KPROE - NO KNOWN MARKET". After I moved, I stopped getting the statements, but I wonder if they are hitting me with the world's biggest non-active fee.), I bought it in October of last year at 7.51 after being stopped out of it a couple of times before. There's a lot of bullish press on it now, even Barron's bloggers are jumping on the bandwagon.
"JC Penney losses mount, missing estimates; stock craters 24%" https://www.cnbc.com/2017/08/11/jc-penney-q2-earnings-2017.html Stock below $3.70 in pre-market, a new multi-year low. .