J C Penny Company Inc (NYSE: JCP)
J C Penny is having what’s starting out as an incredible day in the market today. When the opening bell rang, the stock started on a spike toward the top. Since then, we’ve seen a bit of a correction before yet another spike, bringing the stock further and further upward. Below, we’ll talk about what we’re seeing from JCP, why, and what we’ll be watching for ahead.
What We’re Seeing From JCP
As mentioned above, J C Penny is off to what seems to be an incredibly strong day in the market today. When the opening bell rang, the stock was trading close to the flat line. However, it immediately shot upward before correcting slightly. Nonetheless, minutes ago, the spike started yet again. Currently (10:07), the stock is trading at $7.00 per share after a gain of $0.24 per share or 3.55% thus far today.
Why The Stock Is Headed Upward
Our partners at Tradespoon were the first to inform us of the spike on JCP. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. In this particular case, it didn’t take long to uncover the story. It seems as though the stock is gaining as the result of a key announcement that was made early this morning.
The announcement was that J C Penny is in the process of teaming up with Nike (NKE) In fact, the announcement was that Nike brand shops will soon be added in more than 600 stores. Of course, JCP has been having a rough time as of late. However, investors expect that in teaming up with NKE, the company is on its way to a strong recovery.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on JCP. In particular, we’re interested in learning how putting Nike brand shops in their stores equates to larger sales volumes. Nonetheless, we’ll keep a close eye on the news and bring it to you as it breaks!
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[Image Courtesy of Pixabay]