Sep 3, 2013

Posted by in Featured, Stock Market News | 0 Comments

Morning Movers: JC Penney Co. Inc. (NYSE:JCP) and Vodafone PLC ((NASDAQ:VOD)

Morning Movers: JC Penney Co. Inc. (NYSE:JCP) and Vodafone PLC ((NASDAQ:VOD)

Hedge-fund manager Kyle Bass, of Hayman Capital Management LP, revealed a 5.2% hold in JC Penney Co. Inc. (NYSE:JCP), keeping Mr. Bass amid the striving department-store retailer’s biggest stock owners.

JC Penney shares were higher 2.6% at $12.80 in the recent premarket session. The stock was lower by 37% this year, consisting of a decline of almost 15% last month.

Mr. Bass keeps 11.4 million of the department store retailer’s shares, as per revealed by a filing with the Securities and Exchange Commission.

The retailer has observed its stock decline, following previous CEO Ron Johnson had a miserable run at the top post as his intentions to do away with discounts and repair the chain’s inventory made a $1 billion loss and a 25% decline in sales in his first complete year on the job.

Since Mr. Johnson’s exodus in April, Myron “Mike” Ullman was called back to the corner office to try stabilizing sales.

Vodafone PLC ((NASDAQ:VOD) on Tuesday sketched its investment plans after Monday’s declaration of the sale of its largest asset, Verizon Wireless, pledging to invest up to 3 billion pounds ($4.67 billion) on enhancing its mobile networks.

The UK telco is kicking off a GBP6 billion investment plan named Project Spring and reported that it would use as much as half of the money to enhance 4G networks in higher markets like the UK and Germany.

Comments are closed.