J.C. Penney shares plunge, 'floor' is $1: Citi

http://www.marketwatch.com/story/jc-penney-shares-plunge-floor-is-1-citi-2013-09-26?link=MW_latest_news


J.C. Penney Co. Inc. JCP -6.42% has a total liquidation value of $324 million or $1 a share, according to a note from Citi released Wednesday. The firm maintained its sell rating on J.C. Penney but lowered its price target to $7 from $11. "The turnaround is taking longer than we anticipated, and we are concerned about a softening macro environment combined with deteriorating vendor relationships (due to weak volumes and growing anxiety about on-time payments during and after holiday)," Citi analysts led by Deborah Weinswig wrote in a note Wednesday. That comes as Goldman Sachs on Wednesday recommended buying credit-default swaps on several of the retailer's outstanding debt. J.C. Penney shares tumbled nearly 7% in premarket trade Thursday, extending prior-day losses that pushed shares to levels unseen in more than 12 years

We here at TWAEII have been on a JCP watch for well over a year now, this is nothing surprising.