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Stock Market & Financial Investment News

News Breaks
January 28, 2014
08:37 EDTJCPJ.C. Penney amends stockholder rights plan to protect tax benefits
J. C. Penney announced that its board of directors has acted to protect the company's valuable net operating loss carryforwards, or NOLs, by amending and extending the company's existing stockholder rights plan. The company has over $2B in NOLs, which can be used in certain circumstances to offset future taxable income and reduce federal income tax liability. The company's ability to use its NOLs would be substantially limited if an "ownership change" under Section 382 of the Internal Revenue Code were to occur. Ownership changes under Section 382 generally relate to the cumulative change in ownership among stockholders with an ownership interest of 5% or more over a rolling three year period. The amended rights plan was adopted by the Board to reduce the likelihood of an "ownership change" occurring. The amendments to the company's rights plan include extending the plan's expiration date from August 20, 2014 to January 26, 2017, and lowering the beneficial ownership threshold for a person or group to become an "acquiring person" under the plan from 10% to 4.9%. Under the amended rights plan, if any person or group acquires 4.9% or more of the outstanding shares of common stock of the company without the approval of the Board of Directors, there would be a triggering event causing significant dilution in the ownership interest of such person or group. However, existing stockholders who currently own 4.9% or more of the outstanding shares of common stock will trigger a dilutive event only if they acquire additional shares, subject to specified exceptions. The purpose of the amended rights plan is to protect stockholder value by preserving the company's ability to fully use its NOLs and the amended rights plan is similar to plans adopted by other public companies with significant net operating losses, J.C. Penney said.
News For JCP From The Last 14 Days
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August 28, 2014
11:13 EDTJCPStocks with call strike movement; JCP PBR
J.C. Penney (JCP) February 12 call option implied volatility increased 4% to 43, Petrobras (PBR) December 23 call option implied volatility increased 4% to 45 according to IVolatility.
09:57 EDTJCPOn The Fly: Analyst Downgrade Summary
Brown Forman (BFA, BFB, BF.A, BF.B) downgraded to Hold from Buy at Deutsche Bank... GT Advanced (GTAT) downgraded to Underperform from Market Perform at Raymond James... Genuine Parts (GPC) downgraded to Neutral from Buy at SunTrust... InterMune (ITMN) downgraded to Neutral from Buy at UBS... Tesco (TSCDY) downgraded to Hold from Buy at Deutsche Bank... Visa (V) downgraded to Market Perform from Outperform at Raymond James... Williams-Sonoma (WSM) downgraded to Equal Weight from Overweight at Morgan Stanley... Bob Evans (BOBE) downgraded to Underweight from Equal Weight at Stephens... lululemon (LULU) downgraded to Neutral from Buy at DA Davidson... J.C. Penney (JCP) downgraded to Neutral from Buy at BTIG.
08:05 EDTJCPJ.C. Penney downgraded at BTIG
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07:43 EDTJCPJ.C. Penney downgraded to Neutral from Buy at BTIG
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August 27, 2014
07:45 EDTJCPJ.C. Penney volatility at 27-month low
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August 25, 2014
12:16 EDTJCPJ.C. Penney rises, levels to watch
The stock is holding above what was strong resistance at the $10 area. JPMorgan earlier recommended the shares as a long idea, and the stock is up over 4.6% on greater than average daily volume to $10.65. At that price, next resistance is at $11.22. Support is at $10.42.
10:16 EDTJCPJ.C. Penney rises after analyst predicts more store closures coming
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07:37 EDTJCPJ.C. Penney recommneded as a Long Trade Idea at JPMorgan
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August 21, 2014
10:35 EDTJCPSears falls after reporting Q2 loss that more than doubled analyst projections
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10:22 EDTJCPOptions with decreasing implied volatility
Options with decreasing implied volatility: AMPE FOLD VHC ACHN JCP WB JD YPF
August 20, 2014
11:42 EDTJCPOptions with decreasing implied volatility
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05:51 EDTJCPStocks with implied volatility movement; JCP VHC
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August 19, 2014
10:42 EDTJCPOptions with decreasing implied volatility
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