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>> J.C. PENNEY Latest News

SEP 27, 2013 - Yahoo! News

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Penney stock plunges on share sale, lower cash forecast

By Phil Wahba and Olivia Oran (Reuters) - J.C. Penney Co Inc's decision to shore up its cash reserves by issuing almost $1 billion in new shares sent its stock tumbling more than 13 percent Friday. Earlier in the day, the struggling U.S. department store chain had cut its forecast of year-end cash reserves, suggesting that it is burning through money faster than expected. Penney said the 84 million shares in the offering had priced at $9.65 each. Underwriters have the option to buy another 12.6 million shares. ...

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