Skip to comments.J.C. Penney surges 12% on George Soros stake
Posted on 04/26/2013 4:49:36 PM PDT by BenLurkin
J.C. Penney (JCP, Fortune 500) shares finished up 11.6% Friday following news late Thursday that hedge fund mogul George Soros has taken a large stake in the retailer, and a report from CNBC Friday afternoon that Goldman Sachs has secured $1.75 billion in financing for the company.
Earlier this month, the troubled retailer announced that CEO Ron Johnson was leaving after just a year and a half.
Johnson, a former Apple (AAPL, Fortune 500) executive, had instituted ambitious changes at J.C. Penney stores in an attempt to remake the brand. Sales plummeted during his tenure, sinking 28% in the fourth quarter from a year earlier.
J.C. Penney tapped Mike Ullman, Johnson's predecessor as CEO, to take the reins once more. The company has since consulted with investment firm Blackstone (BX) in an attempt to raise up to $1 billion and remain solvent.
(Excerpt) Read more at money.cnn.com ...
Spooky Dude surfaces.
I miss shopping at JC Penney. But, they’ve gone too far off the rails for me. Soros is just the cherry on the cupcake of their demise.
now that soros is a big player in jcp, no way i am shopping there. dead to me.
Thanks for the post, I won’t be stepping foot in a Penneys any longer
Kiss of death.
Sadly, I will never shop at JC Penney’s again......I am sure he is mortified by what has happened to his God centered store.
(Ok, I know he is dwelling with God and doesn’t care or know.....if he were alive he would be mortified)
Can’t wait to see the new lines of Burka, Ghutras and Thobes.
One more reason to avoid that perverted company.
To be fair, J.C.Penney can’t be faulted for who buys their stock. On the other hand, money spent there would find its way into Soros’ wallet. I can’t fault you for not wanting to do that.
I hope he losing his shirt!
Opened at 16.15 day high was 17.58. There was a frenzy starting at 3pm. Somebody will be left holding the bag when the dust settles. Huge selloff near closing by speculators taking profits. I wonder what Soros has in mind; oh a big pump and dump I'll bet.
Or some kind of big deal.
Aint gonna help JCP until they quit marketing to the 1-3%.
They offend families and wonder why we take our business elsewhere during the Christmas season.
>>>Somebody will be left holding the bag when the dust settles. Huge selloff near closing by speculators taking profits. I wonder what Soros has in mind; oh a big pump and dump I’ll bet.>>>
Exactly what thought, too. Soros has put whole countries into bankruptcy. I suspect he’ll hold his stock until the price rises far enough, then he’ll sell at a big profit. Once that happens, the stock will fall and so will Penny’s.
OK, first I hear about fag support.
Now Soros is making money off it?
For a brief time, you were a good store. Gone downhill lately with that consolidated cashier stuff, but these revelations make me say no more.
Agreed but he won’t stop there. May try to take the whole market down. Some of it through proxies. Already a lot of skullduggery going on. Little investors have to try to make money in spite of it.
I miss shopping at JC Penney. But, theyve gone too far off the rails for me.
Same here. I miss Amazon, too.
Sppoky Dude is throwing away money on Penneys and getting in bed with the company that is GREAT! Another wonderful reason to C O N T I N U E BOYCOTTING J.C. Penneys!
Good for JCP...
I hope Soros enjoys being the only shopper in their stores...
Ought to put a dent in his gazillions.
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