J C Penney Company Inc JC shares are trading lower by $0.71 (8 percent) at $8.23 in Friday's session. The catalyst for the sharp decline is an article in the New York Post speculating the company may be taking emergency measures to cut costs, including cutting payroll.
After a lower open, it could only mange a penny bounce to $8.60 before continuing its move lower. So far, it has reached $8.02 and is attempting to rebound.
That marks the lowest level for the issue since it bottomed on February 25 at $7.74. Also, it fills a void in trading action from February 26, when the issue gapped higher off a better-than-expected Q4 report.
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