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March 2013



JCP at $14.50 - Overdone

March 06, 2013 – Comments (8) | RELATED TICKERS: JCP

Call me a contrarian but I think JCPenney (JCP) at $14.50 is way overdone. The company is struggling but its being priced over the last week like it is going out of business. I know Ron Johnson has underperformed but no one said it would get better overnight. The sad truth is if they fired him, the stock would probably jump much in the way Groupon traded higher after their CEO left recently. Also at some point shorts will probably cover some of their positions seeing how it has already crated from $23 to the mid teens in the blink of an eye. I am not a huge fan of technical analysis but even a dead cat bounce to $16 seems very possible.  [more]

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