The sole underwriter of the offering is Goldman Sachs & Co., which has a 30-day option to purchase an additional 12.6 million shares. That is the same company that downgraded the stock to Underperform earlier this week.
Apparently J.C. Penney executives think investors believe all that happy talk the company put out yesterday about showing improved sales in the third and fourth quarters of the fiscal year. The company also said it did not need any more cash this year. Maybe the company will invest the cash in an index fund to pump up its profits for the next couple of quarters.
All those encouraging words from J.C. Penney management yesterday pulled the shares up about 13% at one point during the day, offsetting most of the 15% drop from the day before. Shares have dropped more than 22% in the past five days and will lose even more today.
In premarket trading Friday morning, shares are down 7.4%, at $9.65 in a 52-week range of $9.52 to $27.00.
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.