Editor’s Note: Related tickers: J.C. Penney Company, Inc. (NYSE:JCP)
J.C. Penney: The reality show (CNN Global News)
You’ve seen them on Big Brother, The Real Housewives, and The Bachelorette: the walking disasters and oversimplified personas that make a show both repellent and fascinating at the same time. And now you see them in the last place you’d expect — at the lurid reality show that is J.C. Penney Company, Inc. (NYSE:JCP). Thanks to a motley cast of characters, the $13-billion-in sales middle-brow department store has become a real-time tableau for virtually everything that’s wrong with American business. On Tuesday at 8:30 a.m. EDT, the company will release its second-quarter 2013 earnings numbers. Although hotly anticipated by every business journalist, hedgie, and retailer out there, it doesn’t much matter, whether they are outrageously disappointing or not quite as disappointing as anticipated (decent earnings are not an option); J.C. Penney Company, Inc. (NYSE:JCP) is in deep trouble and everyone knows it.
Kyle Bass Thinks Worst is Over for JCPenney (JCP); Places Bet on Rebound (StreetInsider)
Hedge fund giant J. Kyle Bass, of Hayman Capital Management LP, is betting on a turnaround in J.C. Penney Company, Inc. (NYSE:JCP) fortunes, amid outcries from the likes of Bill Ackman for a management change as sales declines have showed no real signs of stopping. Bloomberg said today that Bass has accumulated a long position in the beleaguered retailer over the last two weeks by purchasing secured debt. Bass also sold credit-default swaps as insurance that pays if the retailer doesn’t end up paying on its debt.
JC Penney Reports Another Horrific Quarter (JCP) (SeattlePI)
Beleaguered department store chain J.C. Penney Company, Inc. (NYSE:JCP) has just released its Q2 financial results, and the numbers are ugly. Revenue came in at $2.66 billion, missing analysts’ expectation for $2.78 billion.
Perhaps Retail Isn’t Dead Yet (Fool)
Although we don’t believe in timing the market or panicking over daily movements, we do like to keep an eye on market changes — just in case they’re material to our investing thesis U.S. stocks opened slightly higher this morning, with the S&P 500 and the narrower, price-weighted Dow Jones Industrial Average) up 0.08% and 0.21%, respectively, at 10:05 a.m. EDT.