tock is up in pre-market trade after JPMorgan Chase & Co. mentioned it as a long trade idea
http://www.bidnessetc.com/24602-this-is-why-jc-penney-is-up-today/
J C Penney Company Inc (JCP) is up almost 3% in pre-market trade, after it had gained 4.6% since it reported second-quarter results for fiscal ’14 (2QFY14) that outperformed the consensus expectation. The stock received an uplift today following news that JPMorgan Chase & Co. (JPM) thinks the retailer is a long trade idea. JPMorgan expects the retailer to announce a restructuring plan this fall, which will help it support its earnings.
The company reported strong same-store sales (SSS) growth of 6% for the quarter – the third straight time it has reported an increase in SSS. It also reported a 640-basis-point (bps) year-over-year (YoY) expansion in its gross margins to 36% for the quarter, and positive cash flows from operations (CFOs) after burning cash into operations during the previous quarter. |