J.C. Penney Company’s (NYSE:JCP) President Michael Francis is departing, in a surprising move that Deutsche Bank terms “a catastrophic blow” to boosters of the stock. The timing of Francis’ resignation is especially confusing, since he was expected to be a major player in the restoration of the stores’ image, and was also considered indispensable to recruitment of new brands. DB keeps its Hold on the shares, which closed at $22.25, down 8.55 percent.
LDK Solar (NYSE:LDK) shares closed at $2.07, which was down 6.33 percent, having traded in a 52-week range of between $1.54 and $7.52.
Walgreen (NYSE:WAG) and Alliance Boots report that they have joined in a strategic transaction, in which the former will invest $6.7 billion in cash and stock, which is comprised of $4 billion in cash and 83.4 million shares, in exchange for a 45 percent equity investment in KKR’s (NYSE:KKR) Alliance Boots. WAG shares closed Tuesday down 5.85 percent at $30 09, having traded between $29.80 and $44.26 in a 52-week range.
Barnes & Noble, Inc.’s (NYSE:BKS) comparable bookstore sales got positive impact from the liquidation of Borders’ bookstores during its fiscal year 2012, improved sales of NOOK products, and a strong title lineup. Still, shares closed at $14.63, which was down 4 percent, having traded in a 52-week range of $9.35 to $26.00.
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