J.C. Penney Announces Big Board Shakeup and 2 Other Hot Stocks to Watch
J. C. Penney & Co. (NYSE:JCP): Current price $12.81
The retailer on Tuesday was able to announce a meaningful change to its board of directors. First and foremost, Bill Ackman of Pershing Square Capital Management stepped down from the board effective Monday, the company said in a statement. Further, former Macy’s Vice President Ronald W. Tysoe was elected to the board, also effective Monday. The board indicated that it will name “another highly qualified new director in the near future.” What is more, board members on Tuesday also reaffirmed their “overwhelming support” for Chief Executive Officer Mike Ullman and for Chairman Thomas Engibous, both of whom were under heavy pressure from Ackman to resign.
Ford Motor Co. (NYSE:F): Current price $17.11
Ford said its Focus compact remained the top-selling car globally in the first quarter, as sales more than doubled in China. Pointing to data from researcher R.L. Polk & Co., the automaker said worldwide Focus registrations jumped by 18 percent during the first three months of the year to 288,724. In China, Focus sales soared by 153 percent to 104,065, making it the No. 1 market for the small car, exceeding the United States. Ford reported that the Focus overtook Toyota Motor Corp.’s (NYSE:TM) Corolla compact in 2012, a remark the Japanese automaker disputed. Toyota, including Corolla derivatives such as the Matrix in its count, contends that its model is still the top-selling vehicle on the planet.
United Continental Holdings Inc. (NYSE:UAL): Current price $31.00
Airline shares were falling Tuesday in reaction to the Justice Department and some state attorneys general challenging in a lawsuit the proposed merger between US Airways and American Airlines’s parent company, AMR Corp. US Airways Group Inc. (NYSE:LCC) shares were down by about 10 percent just before noon EST. Its shares have quadrupled since late in 2011, when AMR filed for bankruptcy and US Airways started pursuing a merger. Shares of United Continental Holdings are down about 7.5 percent on heavy trading.