Intrinsic value of J.C. Penney - JCP

Previous Close

$2.00

  Intrinsic Value

$2.04

stock screener

  Rating & Target

hold

+2%

Previous close

$2.00

 
Intrinsic value

$2.04

 
Up/down potential

+2%

 
Rating

hold

We calculate the intrinsic value of JCP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  12,756
  13,050
  13,385
  13,761
  14,179
  14,636
  15,135
  15,674
  16,256
  16,880
  17,547
  18,259
  19,017
  19,823
  20,678
  21,585
  22,544
  23,558
  24,630
  25,762
  26,956
  28,215
  29,543
  30,941
  32,414
  33,965
  35,597
  37,315
  39,122
  41,023
Variable operating expenses, $m
  12,348
  12,632
  12,957
  13,321
  13,725
  14,168
  14,651
  15,173
  15,736
  16,339
  16,985
  17,675
  18,409
  19,189
  20,017
  20,894
  21,822
  22,804
  23,842
  24,937
  26,093
  27,312
  28,597
  29,951
  31,377
  32,878
  34,458
  36,121
  37,870
  39,710
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  12,348
  12,632
  12,957
  13,321
  13,725
  14,168
  14,651
  15,173
  15,736
  16,339
  16,985
  17,675
  18,409
  19,189
  20,017
  20,894
  21,822
  22,804
  23,842
  24,937
  26,093
  27,312
  28,597
  29,951
  31,377
  32,878
  34,458
  36,121
  37,870
  39,710
Operating income, $m
  408
  418
  428
  440
  454
  468
  484
  502
  520
  540
  562
  584
  609
  634
  662
  691
  721
  754
  788
  824
  863
  903
  945
  990
  1,037
  1,087
  1,139
  1,194
  1,252
  1,313
EBITDA, $m
  989
  1,012
  1,038
  1,067
  1,099
  1,135
  1,173
  1,215
  1,260
  1,308
  1,360
  1,415
  1,474
  1,537
  1,603
  1,673
  1,747
  1,826
  1,909
  1,997
  2,089
  2,187
  2,290
  2,398
  2,513
  2,633
  2,759
  2,892
  3,032
  3,180
Interest expense (income), $m
  0
  305
  315
  326
  340
  355
  372
  391
  411
  433
  456
  482
  509
  537
  568
  601
  635
  672
  711
  752
  795
  841
  889
  940
  994
  1,051
  1,110
  1,173
  1,239
  1,309
  1,382
Earnings before tax, $m
  103
  103
  102
  100
  98
  96
  94
  91
  87
  84
  80
  76
  71
  66
  61
  55
  49
  43
  36
  29
  22
  13
  5
  -4
  -13
  -23
  -34
  -45
  -57
  -69
Tax expense, $m
  28
  28
  27
  27
  27
  26
  25
  24
  24
  23
  22
  20
  19
  18
  16
  15
  13
  12
  10
  8
  6
  4
  1
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  76
  75
  74
  73
  72
  70
  68
  66
  64
  61
  58
  55
  52
  48
  45
  40
  36
  31
  26
  21
  16
  10
  4
  -4
  -13
  -23
  -34
  -45
  -57
  -69

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  8,578
  8,776
  9,001
  9,254
  9,535
  9,843
  10,178
  10,541
  10,932
  11,351
  11,800
  12,279
  12,789
  13,331
  13,906
  14,515
  15,161
  15,843
  16,564
  17,325
  18,128
  18,975
  19,867
  20,808
  21,798
  22,841
  23,939
  25,094
  26,310
  27,588
Adjusted assets (=assets-cash), $m
  8,578
  8,776
  9,001
  9,254
  9,535
  9,843
  10,178
  10,541
  10,932
  11,351
  11,800
  12,279
  12,789
  13,331
  13,906
  14,515
  15,161
  15,843
  16,564
  17,325
  18,128
  18,975
  19,867
  20,808
  21,798
  22,841
  23,939
  25,094
  26,310
  27,588
Revenue / Adjusted assets
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
  1.487
Average production assets, $m
  4,528
  4,633
  4,752
  4,885
  5,033
  5,196
  5,373
  5,564
  5,771
  5,992
  6,229
  6,482
  6,751
  7,037
  7,341
  7,663
  8,003
  8,363
  8,744
  9,145
  9,569
  10,016
  10,488
  10,984
  11,507
  12,058
  12,637
  13,247
  13,888
  14,563
Working capital, $m
  880
  900
  924
  950
  978
  1,010
  1,044
  1,082
  1,122
  1,165
  1,211
  1,260
  1,312
  1,368
  1,427
  1,489
  1,556
  1,626
  1,699
  1,778
  1,860
  1,947
  2,038
  2,135
  2,237
  2,344
  2,456
  2,575
  2,699
  2,831
Total debt, $m
  4,370
  4,535
  4,723
  4,935
  5,169
  5,427
  5,707
  6,010
  6,337
  6,688
  7,063
  7,463
  7,890
  8,343
  8,823
  9,333
  9,872
  10,443
  11,045
  11,681
  12,353
  13,061
  13,807
  14,593
  15,421
  16,293
  17,211
  18,177
  19,193
  20,261
Total liabilities, $m
  7,172
  7,337
  7,525
  7,737
  7,971
  8,229
  8,509
  8,812
  9,139
  9,490
  9,865
  10,265
  10,692
  11,145
  11,625
  12,135
  12,674
  13,245
  13,847
  14,483
  15,155
  15,863
  16,609
  17,395
  18,223
  19,095
  20,013
  20,979
  21,995
  23,063
Total equity, $m
  1,407
  1,439
  1,476
  1,518
  1,564
  1,614
  1,669
  1,729
  1,793
  1,862
  1,935
  2,014
  2,097
  2,186
  2,281
  2,381
  2,486
  2,598
  2,716
  2,841
  2,973
  3,112
  3,258
  3,412
  3,575
  3,746
  3,926
  4,115
  4,315
  4,524
Total liabilities and equity, $m
  8,579
  8,776
  9,001
  9,255
  9,535
  9,843
  10,178
  10,541
  10,932
  11,352
  11,800
  12,279
  12,789
  13,331
  13,906
  14,516
  15,160
  15,843
  16,563
  17,324
  18,128
  18,975
  19,867
  20,807
  21,798
  22,841
  23,939
  25,094
  26,310
  27,587
Debt-to-equity ratio
  3.110
  3.150
  3.200
  3.250
  3.310
  3.360
  3.420
  3.480
  3.530
  3.590
  3.650
  3.710
  3.760
  3.820
  3.870
  3.920
  3.970
  4.020
  4.070
  4.110
  4.160
  4.200
  4.240
  4.280
  4.310
  4.350
  4.380
  4.420
  4.450
  4.480
Adjusted equity ratio
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  76
  75
  74
  73
  72
  70
  68
  66
  64
  61
  58
  55
  52
  48
  45
  40
  36
  31
  26
  21
  16
  10
  4
  -4
  -13
  -23
  -34
  -45
  -57
  -69
Depreciation, amort., depletion, $m
  581
  594
  609
  626
  645
  666
  689
  713
  740
  768
  799
  831
  866
  902
  941
  982
  1,026
  1,072
  1,121
  1,172
  1,227
  1,284
  1,345
  1,408
  1,475
  1,546
  1,620
  1,698
  1,781
  1,867
Funds from operations, $m
  656
  669
  684
  700
  717
  736
  757
  780
  804
  829
  857
  886
  918
  951
  986
  1,023
  1,062
  1,104
  1,147
  1,194
  1,243
  1,294
  1,348
  1,404
  1,462
  1,522
  1,586
  1,653
  1,724
  1,798
Change in working capital, $m
  17
  20
  23
  26
  29
  32
  34
  37
  40
  43
  46
  49
  52
  56
  59
  63
  66
  70
  74
  78
  82
  87
  92
  97
  102
  107
  113
  119
  125
  131
Cash from operations, $m
  639
  649
  660
  674
  688
  705
  723
  742
  764
  786
  811
  837
  865
  895
  927
  960
  996
  1,034
  1,074
  1,116
  1,160
  1,207
  1,257
  1,308
  1,360
  1,415
  1,474
  1,535
  1,599
  1,667
Maintenance CAPEX, $m
  -569
  -581
  -594
  -609
  -626
  -645
  -666
  -689
  -713
  -740
  -768
  -799
  -831
  -866
  -902
  -941
  -982
  -1,026
  -1,072
  -1,121
  -1,172
  -1,227
  -1,284
  -1,345
  -1,408
  -1,475
  -1,546
  -1,620
  -1,698
  -1,781
New CAPEX, $m
  -88
  -104
  -119
  -134
  -148
  -163
  -177
  -192
  -206
  -221
  -237
  -253
  -269
  -286
  -304
  -322
  -341
  -360
  -380
  -402
  -424
  -447
  -471
  -496
  -523
  -551
  -580
  -610
  -642
  -675
Cash from investing activities, $m
  -657
  -685
  -713
  -743
  -774
  -808
  -843
  -881
  -919
  -961
  -1,005
  -1,052
  -1,100
  -1,152
  -1,206
  -1,263
  -1,323
  -1,386
  -1,452
  -1,523
  -1,596
  -1,674
  -1,755
  -1,841
  -1,931
  -2,026
  -2,126
  -2,230
  -2,340
  -2,456
Free cash flow, $m
  -19
  -36
  -53
  -69
  -86
  -103
  -120
  -138
  -156
  -175
  -194
  -214
  -235
  -257
  -279
  -303
  -327
  -353
  -379
  -407
  -436
  -467
  -499
  -533
  -571
  -610
  -652
  -695
  -741
  -789
Issuance/(repayment) of debt, $m
  138
  165
  189
  212
  235
  257
  280
  303
  327
  351
  375
  400
  426
  453
  481
  509
  539
  570
  603
  636
  671
  708
  746
  786
  828
  872
  918
  966
  1,016
  1,069
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  8
  15
  23
  32
  40
  50
  59
  70
  80
  92
  104
  116
  129
  143
  158
  176
  195
  214
  235
  256
  279
Cash from financing (excl. dividends), $m  
  138
  165
  189
  212
  235
  257
  280
  303
  327
  359
  390
  423
  458
  493
  531
  568
  609
  650
  695
  740
  787
  837
  889
  944
  1,004
  1,067
  1,132
  1,201
  1,272
  1,348
Total cash flow (excl. dividends), $m
  119
  129
  136
  142
  148
  154
  160
  165
  171
  183
  196
  209
  223
  237
  251
  266
  282
  298
  315
  333
  351
  370
  390
  411
  433
  456
  480
  505
  531
  559
Retained Cash Flow (-), $m
  -28
  -32
  -37
  -42
  -46
  -50
  -55
  -60
  -64
  -69
  -74
  -79
  -84
  -89
  -94
  -100
  -106
  -112
  -118
  -125
  -132
  -139
  -146
  -158
  -176
  -195
  -214
  -235
  -256
  -279
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  91
  97
  99
  101
  102
  104
  105
  106
  107
  115
  123
  131
  139
  148
  157
  166
  176
  186
  197
  208
  219
  231
  244
  253
  257
  261
  266
  270
  275
  280
Discount rate, %
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
  83
  79
  72
  65
  57
  50
  43
  37
  31
  27
  23
  19
  16
  13
  10
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.4
  98.2
  96.6
  94.5
  91.9
  89.0
  85.8
  82.4
  78.7
  75.0
  71.1
  67.2
  63.2
  59.4
  55.5
  51.7
  48.0
  44.4
  40.9
  37.5
  34.4

J. C. Penney Company, Inc. is a holding company. The Company's business consists of selling merchandise and services to consumers through its department stores and its Website at jcpenney.com. Its department stores and Website generally serve the same type of customers, its Website offers virtually the same mix of merchandise as its store assortment and other categories, and its department stores generally accept returns from sales made in stores and through its Website. It fulfills online customer purchases by direct shipment to the customer from its distribution facilities and stores or from its suppliers' warehouses and by in store customer pick up. The Company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products through Sephora inside JCPenney, home furnishings and appliances. In addition, its department stores provide its customers with services, such as styling salon, optical, portrait photography and custom decorating.

FINANCIAL RATIOS  of  J.C. Penney (JCP)

Valuation Ratios
P/E Ratio 616.6
Price to Sales 0
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 1.8
Price to Free Cash Flow -6.6
Growth Rates
Sales Growth Rate -0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.4%
Cap. Spend. - 3 Yr. Gr. Rate -14.8%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 336.6%
Total Debt to Equity 357.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. -3.9%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. -5.6%
Return On Equity 0.1%
Return On Equity - 3 Yr. Avg. -20.1%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 35.7%
Gross Margin - 3 Yr. Avg. 35.5%
EBITDA Margin 4.9%
EBITDA Margin - 3 Yr. Avg. 1.7%
Operating Margin 2.9%
Oper. Margin - 3 Yr. Avg. -0.1%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. -3.2%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. -3.3%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 15%
Payout Ratio 0%

JCP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JCP stock intrinsic value calculation we used $12506 million for the last fiscal year's total revenue generated by J.C. Penney. The default revenue input number comes from 0001 income statement of J.C. Penney. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our JCP stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.1%, whose default value for JCP is calculated based on our internal credit rating of J.C. Penney, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of J.C. Penney.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of JCP stock the variable cost ratio is equal to 96.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for JCP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.2% for J.C. Penney.

Corporate tax rate of 27% is the nominal tax rate for J.C. Penney. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the JCP stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for JCP are equal to 35.5%.

Life of production assets of 7.8 years is the average useful life of capital assets used in J.C. Penney operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for JCP is equal to 6.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1379 million for J.C. Penney - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 314.291 million for J.C. Penney is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of J.C. Penney at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
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DDS Dillard's 78.78 85.45  hold
EBAY eBay 34.22 54.88  str.buy
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COMPANY NEWS

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▶ Nordstrom Stock May Just Have Gotten a Little Too Hot   [Sep-06-18 02:28PM  InvestorPlace]
▶ The Next Recession Could Kill J.C. Penney   [Sep-05-18 10:50AM  Motley Fool]
▶ JCPenney Unwraps Its "Top 20 Toys" List for Holiday 2018   [Sep-04-18 10:22AM  GlobeNewswire]
▶ 3 Stocks I'd Hate to Buy   [08:11AM  Motley Fool]
▶ Sears Holdings Earnings Preview: Any Signs of Life?   [Aug-27-18 04:14PM  Motley Fool]
▶ [$$] J.C. Penney: Buying and Chasing   [06:00AM  The Wall Street Journal]
▶ Will J.C. Penney Fall to Zero?   [12:24PM  TheStreet.com]
▶ New Lowe's CEO explains why he's shutting down Orchard Supply Hardware   [Aug-22-18 04:04PM  American City Business Journals]
▶ New CEO at Lowes brings changes, higher share prices as plans revealed   [12:48PM  American City Business Journals]
▶ Retail Earnings Highlights   [05:39PM  Motley Fool]
▶ J.C. Penney Falls, Again   [03:16PM  Motley Fool]
▶ Retail Earnings, for Better and Worse   [02:53PM  Motley Fool]
▶ Why I Will Never Buy J.C. Penney Stock   [02:23PM  Motley Fool]
▶ Jim Cramer: These Sleeper Stocks Are Making a Huge Comeback   [Aug-20-18 07:01PM  TheStreet.com]
▶ Amazon Is Not Killing Every Retailer, Only These Laggards   [Aug-19-18 08:00AM  TheStreet.com]
▶ A Hungry Grizzly Bear Is Stalking the Stock Market   [Aug-18-18 10:27AM  TheStreet.com]
▶ Nordstroms Doing Its Best to Fight the Ugly   [12:55AM  InvestorPlace]
▶ Is Macy's Now Underpriced?   [04:05PM  GuruFocus.com]
▶ 5 Stocks to Buy at the Bottom   [10:55AM  InvestorPlace]
▶ J.C. Penney Stock Could Fall to 50 Cents   [10:55AM  Barrons.com]
▶ Company News For Aug 17, 2018   [10:17AM  Zacks]
▶ [$$] J.C. Penney Lowers Earnings Outlook as Sales Fall   [Aug-16-18 07:44PM  The Wall Street Journal]
▶ [$$] J.C. Penney Lowers Earnings Outlook as Sales Fall   [07:40PM  The Wall Street Journal]
▶ What Happened in the Stock Market Today   [05:09PM  Motley Fool]
▶ Walmart and Symantec jump; JC Penney tumbles   [04:24PM  Associated Press]
▶ Closing Bell: LIVE MARKETS BLOG   [04:01PM  TheStreet.com]
▶ Lower revenues, profit send J.C. Penney shares tumbling below $2   [11:45AM  American City Business Journals]

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