J.C. Penney Company, Inc. (JCP): Vornado Realty Trust (VNO) Bails and Shares Tank

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Time to go!
With Vornado cutting its stake by more than half, CEO Johnson seems to have a more tenuous grip than ever. Ackman and Roth were the “dynamic duo” that campaigned for new leadership and gave him free reign to transform the company. Johnson’s leadership has been the one stable point at J.C. Penney Company, Inc. (NYSE:JCP) over the past year, and if he is now on the hot seat, this could add to investors’ woes.

As of this writing, J.C. Penney Company, Inc. (NYSE:JCP) is already touching new 52-week lows near $15. While I am often a proponent of Buffett’s famous dictum to be greedy when the market is fearful, in J.C. Penney’s case, I believe investors should be fearful at all times. There is no turnaround in sight, and I therefore see no good reason to own shares of J.C. Penney.

The article J.C. Penney: Vornado Bails and Shares Tank originally appeared on Fool.com and is written by Adam Levine-Weinberg.

Fool contributor Adam Levine-Weinberg owns shares of Apple. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple.

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