JC Penney Shares Are Out Of Control Today

Shares of J.C. Penney got as high as $US14.39 this morning, up 8.8% from yesterday’s close of $US13,22.

Then they fell to as low as $US12.81.

And now they’re back above $US14, which means its up by around 6%.

Just before 1:00 p.m. ET, CNBC’s David Faber reported that Hayman Capital, the Dallas-based hedge fund managed by Kyle Bass, had accumulated 5.5 million shares of the company.

Earlier today, the troubled department store reported Q2 sales that missed expectations and a net loss that was much wider than expectations.

“Comparable store sales declined 11.9% in the quarter, and were negatively impacted by the Company’s failed prior merchandising and promotional strategies, which resulted in unusually high markdowns and clearance levels in the second quarter,” said management in its earnings announcement this morning.

Here’s JCP’s intraday chart via Bloomberg.

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