J C Penney Company Inc JCP shares are trading lower by $0.21 (2 percent) at $7.59 in Friday's session. The issue was hit after it announced a Q1 miss for EPS of $0.04 on slightly lower revenues.
One possible reason for the bounce off its morning lows is the haircut the issue has undergone since it peaked at $11.99 on March 8. A good portion of the decline has taken place since May 4, when the New York Post published a negative article on the company.
Following a lower open, it immediately buttoned at $7.31 and began to move higher. The ensuing rally peaked one penny ahead of Thursday's high ($7.98) at $7.97. It's now trading at its lowest level since making that intra-day high.
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