JCPenney to sell 84 million shares of stock
JCPenney said it will sell 84 million shares of stock in a secondary offering.
Shares fell 5 percent following the news. (What’s the stock doing now? Click here for the latest after-hours quote.)
The retailer said it would use the proceeds for general corporate purposes.
Penney shares fell 15 percent on Wednesday after Goldman Sachs said it expects the retailer’s sales to improve more slowly than expected. The stock rebounded slightly Thursday.
The company, which has a “CCC ” credit rating from Standard & Poor’s, reflecting a substantial risk in owning its debt, has about $2.6 billion of outstanding bonds. The company’s benchmark 5-year credit default swap contract price surged by more than 13 percent on Wednesday, according to Markit data. Read More
Posted on September 27, 2013, in #business news and tagged business, credit default swap, economy, goldman sachs, j c penney, JCPenny, market share, markets, news, real-estate, sells stock, stock market, swap contract. Bookmark the permalink. Leave a comment.