[video] Jim Cramer Quick Take: Are J.C. Penney and Best Buy Dead-Cat Bounces?
NEW YORK (TheStreet) -- TheStreet's Jim Cramer posed a big question Thurday: "J.C. Penney
Recently, Best Buy stock was up 4.96% to $27.11. J.C. Penney was up 24.6% to $7.42. Is this kind of bounce deserved or not?
Cramer assessed J.C. Penney as a "mediocre retailer," but one that isn't anywhere near going out of business. He guessed the stock could trade to $9 or $10 "without a problem."
Best Buy still shows some upward momentum, Cramer said. He wouldn't be surprised to see a 10% move. Management is working to fix the company, and consumers are spending a little more freely. That could benefit the company.
"Both stocks could trade higher," Cramer said -- but they aren't his favorites. That distinction goes to Macy's
--Written by Nora Morrison in Cleveland.