JC Penney Shares A Little Topsy-Turvy Post-Earnings

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

J C Penney Company Inc JCP shares were trading lower by $0.60 (7 percent) at $7.91 in Monday's session. It has been a topsy-turvy last two trading sessions for the issue after missing Q4 EPS by $0.11.

On Friday, it rebounded from a sharply lower open (Thursday's close of $ 9.12 vs. Friday's open of $8.00) and rallied to $8.90 before retreating and ending the session at $8.50.

As investors digested the weak report over the weekend, it opened flat, but immediately began to decline, printing no higher than its opening price of $8.46.

So far, it has breached Friday's low ($7.88), reaching $7.85, but has not been able to mount much of a rally. If the decline continues, it may find additional support all the way down to $7.70. That entire area represents an area of six consecutive lows from February 5 through February 12.