J.C. Penney Shares Plunge on CEO Shake-Up and 2 Hot Stocks to Watch
J.C. Penney (NYSE:JCP) shares are in the toilet today after the clothing retailer announced Monday that CEO Ron Johnson had been dismissed and that former CEO Mike Ullman would return to take his place. Johnson’s efforts to reinvigorate the company never gained traction, but investors aren’t sure Ullman is the right replacement. Furthermore, Deutsche Bank warned clients in a note today that Bill Ackman, who had been a backer of Johnson’s, has likely lost influence over the company’s board of directors, which means his investment firm, Pershing Square, could potentially sell its shares in the retailer. Furthermore, Johnson’s departure seems to indicate J.C. Penney isn’t doing well this quarter.
Ford (NYSE:F) reported that its Focus was the best-selling vehicle nameplate worldwide in 2012, and said that 2013 was off to an equally strong start, citing data from Polk.
Oppenheimer analyst Jason Helfstein lowered earnings estimates on Facebook (NASDAQ:FB) going into the social networking giant’s first quarter, citing concerns over weak seasonality in the advertising business. As Facebook gets an increasingly larger share of its traffic from the mobile platform, on which the company has struggled to monetize, and the first quarter is generally heavily weighted toward lower-priced spending, Helfstein conjects earnings likely took, and is remaining cautious.
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