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February 4, 2013
17:22 EDTJCPJ.C. Penney says notice of default from bondholders is invalid, without merit
J. C. Penney Company announced that it received a letter dated January 29, 2013 from Brown Rudnick LLP claiming to represent holders of more than 50% of the company's 7.4% debentures due 2037. The letter purports to be a notice of default under the indenture for these debentures dated April 1, 1994 between J. C. Penney and U. S. Bank National Association as trustee. The company strongly believes the notice of default is invalid and utterly without merit. The company today filed an action for injunctive and declaratory relief in support of its position in the Court of Chancery of the State of Delaware. The action seeks an order enjoining the trustee from declaring an event of default as well as an order declaring that the company is not in default of the Indenture governing the debentures. Ken Hannah, CFO, said, "We believe this notice of default is invalid, completely without merit and is intended to create self-interested trading opportunities in the market, and we will therefore vigorously defend the interests of jcpenney and all of our constituencies in all appropriate forums."
News For JCP From The Last 14 Days
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October 8, 2015
06:26 EDTJCPJ.C. Penney hires Mcgarrybowen to help lead revival, Adweek reports
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October 7, 2015
11:12 EDTJCPCiti favors lululemon in retailing, says sell Penny and Kors
Citi analyst Paul Lejuez rolled out coverage of 20 companies in the Specialty Retailing and Department Stores space, recommending to investors that they sell J.C. Penney (JCP) and Michael Kors (KORS) shares and buy stock in lululemon (LULU). SELL J.C. PENNEY: Commenting on the "stormy sector" in general terms, Lejuez said he believes challenges to the retail industry are here to stay, but that there are still stand-outs on both the positive and negative side. Regarding J.C. Penney specifically, Lejuez told investors that the company's management is in a "tough spot," as they need to recover from a prior failed strategy but don't have the needed cash flow to invest and win back customers. The analyst think Penney will see some improvement in the top line, but that any increases in operating cash flow as a result of sales and margin improvement will be matched by increased capital expenditures, meaning that free cash flow will be "elusive for the foreseeable future. Lejuez started shares of J.C. Penney with a Sell rating and $7 price target. SELL KORS: Among the 20 stocks he started coverage on in the space, Michael Kors was the only other Sell rating the analyst issued. Lejuez believes the company has overdistributed its brand and though U.S. comparable sales have just started to decline he thinks this decline will last for the "foreseeable future." Lejuez, who contends that Europe and wholesale may be next to deteriorate, set a $38 price target on the stock. BUY LULULEMON: Among the ten Buy rating issued this morning, Lejuez said his most preferred stock in the bunch is yoga apparel maker lululemon. The analyst thinks the "athleisure" retailer has moved beyond its prior product and public relations missteps and that its international opportunities will provide the next leg of growth for the company. The analyst, who expects double-digit sales growth for the next several years for lululemon, set a $69 price target on its shares. His other Buy-rated names, in order of preference, include TJX (TJX), Tiffany (TIF), Urban Outfitters (URBN) and Ross Stores (ROST). PRICE ACTION: In morning trading, J.C. Penney fell 2.7% to $9.52, Michael Kors slipped 0.3% to $43.24 and lululemon shares rose 2.2% to $52.86.
10:01 EDTJCPOn The Fly: Analyst Initiation Summary
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09:21 EDTJCPOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Constellation Brands (STZ), up 3.7%. ALSO HIGHER: Sunedison (SUNE), up 9.3% after the Wall Street Journal reported that SunEdison won't complete its $700M planned purchase of Latin American Power... Genocea Biosciences (GNCA), up 18.6% after reporting positive data from its Phase 2 trial of GEN-003... Lion Biotechnologies (LBIO), up 13.3% after obtaining an exclusive, worldwide license from the National Institutes of Health to develop and commercialize tumor-infiltrating lymphocytes therapy in four additional tumor indications... Juniper Networks (JNPR), up 3.3% after Light Reading reported that several Silicon Valley sources confirmed the speculation that Juniper Networks hired Goldman Sachs (GS) to explore interest in taking the company private. DOWN AFTER EARNINGS: Monsanto (MON), down 5%... Yum! Brands (YUM), down 15.3%. ALSO LOWER: Axion Power (AXPW), down 40.5% after reporting that it is no longer feasible or possible to complete the LCB International transaction... Advaxis (ADXS), down 20.4% following its report of a clinical hold of axalimogene filolisbac... Neonode (NEON), down 14.5% after 3.2M share Secondary priced at $1.90 and providing third quarter revenue... Adobe (ADBE), down 3.2% after providing growth target guidance for fiscal 2015 through fiscal 2018 and fiscal 2016 guidance... J.C. Penney (JCP), down 2% after being initiated with a sell at Citi.
07:31 EDTJCPMichael Kors initiated with a Sell at Citi
Citi analyst Paul Lejuez started shares of Michael Kors with a Sell rating and $38 price target. The company's sales per square foot and EBIT margins "have a long way to fall," Lejuez tells investors in a research note. The analyst also started shares of J.C. Penney (JCP) this morning with a Sell rating.
07:29 EDTJCPJ.C. Penney initiated with a Sell, $7 target at Citi
Citi analyst Paul Lejuez started shares of J.C. Penney (JCP) with a Sell rating and $7 price target. The retailer closed yesterday down 6c to $9.73. The company's goals are aggressive while its free cash flow is "elusive," Lejuez told investors this morning in a research note. He initiated 19 other companies in the Specialty Retailing and Department Stores space. His Buy-rated names, in order of preference, include lululemon (LULU), TJX (TJX), Tiffany (TIF), Urban Outfitters (URBN) and Ross Stores (ROSS).
October 6, 2015
06:22 EDTJCPStocks with implied volatility below IV index mean; JCP AAL
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October 2, 2015
06:48 EDTJCPJ.C. Penney announces actions to de-risk pension plan
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October 1, 2015
12:57 EDTJCPOptions with increasing put volume
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