JC Penney Attempts To Rebound From Disappointing Same-Store Sales

J C Penney Company Inc JCP shares are trading lower by $0.10 at $7.86 in Friday's session. The issue, which has fallen from the $11.00 area at the beginning of December, may have found a temporary bottom when it reached $7.40 earlier in today's session.

Disappointing November and December same-store sales (down 0.8 percent) induced a lower open. However, it went only a dime lower to $7.40 before mounting a rebound. That low coincides with its May 20, 2016, low of $7.48.

So far, the ensuing rebound has found intra-day resistance ahead of Thursday's high ($8.15), only reaching $8.00. The issue is attempting to avoid its first close under $8.00 since June 1, when it ended that session at $7.78.