Tuesday, 15 May 2012

JCP - earnings miss

Just reporting after hours, J C Penney (JCP). Q1 loss much worse than expected, worse of all...JCP cancel their dividend!


JCP, daily


Summary

Not much to add, JCP will be an interesting one to follow in the weeks ahead. Next real support is around 24, some 20% further lower! Its certainly improving itself more than SHLD though, but hey, if the US economy is going to slip back into recession later this year, the retail sector is probably one to avoid.