J.C. Penney: S&P 500 Intraday Laggard
The S&P 500 was rising 12.41 points, or 0.92%, to 1357.
Shares of the Plano, Texas-based department store operator were down nearly 10% to $21.89 following news that Michael Francis is vacating the president position after just eight months. The reason for the departure of Francis, who previously worked at Target(TGT) , wasn't disclosed.
With Francis leaving, J.C. Penney CEO Ron Johnson is assuming "direct responsibility and oversight of the company's marketing and merchandising functions."
J.C. Penney's stock hit a 52-week low of $21.57 earlier in the day. The stock's 52-week high of $43.18 was set on Feb. 9.
Eleven of the 19 analysts who cover J.C. Penney rate it at hold. Five analysts give the stock a buy rating and three rate it at sell.
The stock has fallen 37.55% year to date.
--Written by Alexandra Zendrian in New York.
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