J.C. Penney Refutes Bankruptcy Counsel Chatter and 2 More Heavily Traded Stocks to Follow
J.C. Penney Co. Inc. (NYSE:JCP): Current price $7.21
J.C. Penney spokeswoman Kristin Kays on Tuesday denied a market rumor that the historic department store chain has recruited bankruptcy counsel as shares plunged to a new 52-week low at $7.27. Kays said there is “no truth to the rumor,” the origins of which are not clear. The heavy selling of the shares included a large number of big block trades. Around 32.5 percent of J.C. Penney shares are held short by investors who bet against the stock rising, which makes the issue volatile.
Intel Corp. (NASDAQ:INTC): Current price $23.44
MTV and Intel Corp. announced Tuesday that as part of their ongoing The Music Experiment 2.0 social media-driven concert series, Montreal-based rock band Arcade Fire will perform a special show at a so far unnamed outdoor location in Los Angeles on October 29, coinciding with the release of the band’s fourth studio album, Reflektor. The title song lasts more than seven minutes and includes a cameo performance by David Bowie.
Vodafone Group PLC (NASDAQ:VOD): Current price $35.49
Moody’s said on Tuesday that AT&T could maintain its A3 debt rating if it elects to pursue a purchase of Vodafone in a deal that is estimated to possibly hit $120 billion. Moody’s ratings guidance comes just after Verizon Communication’s planned $130 billion buyout of Vodafone’s 45 percent interest in Verizon Wireless, a joint venture created in 2000, and is said to indicate that mergers and acquisitions in the telecom sector could remain active even after a quick rate of deals during the past 12 months.
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