News

Retail stocks dip after Penney's poison pill

October 17, 2010

According to MarketWatch, retail stocks fell today, led by JCPenney Co., after the midpriced department-store operator adopted a poison pill shareholder rights plan.

The poison pill plan was adopted in light of "recent rapid accumulations of a significant percentage of the company's outstanding common stock," and JCPenney says the plan has a 10 percent trigger and a one-year term.

JCPenney shares fell 2 percent, and the S&P Retail Index was down 0.5 percent.