J.C. Penney Pops on News of Appaloosa Position and 2 Other Hot Stocks to Watch
J.C. Penney & Co. (NYSE:JCP): Current price $9.17
The historic retailer’s shares are by about 5.75 percent on Friday after the release of a regulatory filing by the hedge fund manager David Tepper’s Appaloosa Management said that it purchased 737,800 shares, valued at $6.5 million. It seems that while Penney’s is in the middle of an attempted turnaround, the stock has become a bit of a debate between bull and bear investors.
Nokia Corp. (NYSE:NOK): Current price $7.90
According to The Verge, Nokia’s Lumia 2520 tablet is debuting on AT&T next week. The Finnish company revealed Friday that the tablet will launch on November 22, which is the same day as its 6-inch Lumia 1520 and Microsoft’s Xbox One, going for $399.99 at AT&T. Thus far, Verizon has kept mum regarding its pricing or availability of the product, despite Nokia exhibiting branded versions of the Lumia 2520 at Nokia World in Abu Dhabi in October. Nokia is shipping the Lumia 2520 with LTE onboard, a big 8,000 mAh battery, and a 6.7-megapixel rear camera. Beyond that, the Finnish firm is also bundling in some of its own Windows 8 applications.
Tile Shop Holdings Inc. (NASDAQ:TTS): Current price $13.39
Tile Shop shares set a new 52-week low Friday at $10.05 after being downgraded From Buy to Neutral at Citigroup, which cited worries about an inquiry the company began, following claims raised by a short selling firm. In a note to investors earlier Friday, analyst Kate McShane downgraded the stock over reservations about the relationship between Tile Shop’s CEO and an exporter, Beijing Pingxiu. On Thursday, the short selling firm Gotham City Research said that Tile Shop buys its products from Chinese exporter Beijing Pingxiu at cost, and then pays the exporter with capital gains from sale of its shares.
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