J.C. Penney’s Embittered Analysts Fume About ‘Worthless’ Shares
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Analysts aren’t holding back what they think about J.C. Penney Co.: One says the company is in “no-man’s land.” Another says the shares are “worthless.”
Bearish comments are pouring in following the department-store chain’s disappointing second-quarter earnings report, in which the company posted comparable-store sales that were close to flat and forecast a much wider loss for the current year. The company is also without a leader after the surprise departure in May of Chief Executive Officer Marvin Ellison.