J.C. Penney on Track to Close at a Third-Straight Record Low

    Author Caroline HarrisPosted on Categories Retail, ConsumerTags , , , , , , , , , , , , , , , , , ,

    On Tuesday, in morning trade, J.C. Penney (NYSE:$JCP) shares fell 3.9%. This puts them on the verge of closing at a third-straight record low since the Texas-based company posted a wider-than-expected second-quarter loss.

    Now, the department store chain’s stock has dropped 32.7% amongst a 5-session losing streak. According to a FactSet analysis, this is the worst 5-day stretch since the stock commenced trading in January 1972.

    J.C. Penney has been trying to maneuver around the “Amazon effect” which has caused several retailers to go bankrupt, but data from the July government retail sales report indicates that their efforts have not been enough.

    So far this year, J.C. Penney’s stock has plunged 56%.

    Featured Image: depositphotos/wolterke

    Author Caroline Harris
    About the author: Caroline Harris is a third-year student at Capilano University in North Vancouver, Canada. Having already completed an Associates Degree in Psychology, Caroline is now finishing her Bachelor's degree in Communications. In preparation for working in the advertisement sector, Caroline is writing financial content and analysis. On a daily basis, Caroline works on articles regarding the following topics: finance, cryptocurrency, technology, and politics.