Sept. 21, 2012
J.C. Penney stock suffered a blow after CEO Ron Johnson told analysts that he expects the store's financial struggles to continue during the second half of the year, according to an article on washingtonpost.com.
Some investors were unwilling to make another long-term bet on the retailer, and shares fell 11.2 percent to close at $25.83 Thursday.
The department store is still trying to recover from the negative response to its abandonment of sales and coupons, a move it has since reversed. On the positive side, the technology improvements in the works for 700 out of its 1,100 locations have some analysts hopeful for the comeback.
"(J.C. Penney) is clearly not out of ammo, as it showcased a dazzling display of technology, outgunning the competition," said Citi analyst Deborah Weinswig, in the article. "We believe that the new (J.C. Penney) will offer a shopping experience unlike any other in apparel retailing."
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