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Opinion
Megan McArdle

J.C. Penney's Red-Tag Share Sale

J.C. Penney offers stock-pickers a ride into financial oblivion.

One day after J.C. Penney Co. announced it was pleased with the way its turnaround efforts were going, the company offered another piece of news: They'd be selling 84 million shares in the hope of raising almost a billion dollars.

If there's a way to read this that doesn't ultimately spell "desperate," I've yet to see it. How desperate? I'll let Agustino Fontevecchia of Forbes sum up for you: