JC Penney Pressed By Bill Ackman to Find New CEO and 2 Heavily Traded Stocks to Follow
J.C. Penney & Co. (NYSE:JCP): Current price $13.63
CNBC reported Thursday that J.C. Penney Co. has begun to search for a new CEO to replace the returning Chief Executive Mike Ullman, and that the activist investor Bill Ackman has sent a letter to the retailer, expressing his frustration while pressing to have a new CEO assigned in 30 to 45 days.
Ackman’s Pershing Square Capital Management is Penney’s number-one shareholder with an 18-percent position. Most likely due to the news, Penney shares have jumped over 7 percent on extremely high volume Thursday, making the stock the second-biggest S&P gainer. However, through Wednesday, Penney’s stock had plunged by 19 percent since Ullman rejoined the firm on April 8 versus an 8.2-percent increase in the S&P 500 during the same period. Neither Penney nor Ackman spokespersons commented on this latest situation.
Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR): Current price $76.53
Green Mountain shares are down more than 4 percent Thursday after the firm posted lower than expected third quarter revenue. The coffee company reported third quarter sales that came in under analysts’ expectations, rising by 11 percent and landing at the low end of its previous guidance of an increase between 11 and 14 percent. On the upbeat side, Green Mountain’s third quarter profits surpassed analysts’ expectations, and the firm raised its fiscal 2013 earnings guidance to between $3.19 and $3.24 from $3.05 to $3.15.
Stereotaxis Inc. (NASDAQ:STXS): Current price $4.609
Shares are down almost 45 percent in Thursday trading after the medical device maker reported a quarterly loss, saying that it is exploring financial alternatives to address its long-term liquidity difficulties. In the second quarter that ended in June, Stereotaxis lost $3 million or 37 cents per share versus net income of $2.8 million or 32 cents per share, year-over-year, when the 2012 quarter benefited from a $9-million gain linked with a financing transaction. A 12-percent fall in the number of outstanding shares since 2012 contributed around 5 cents to the per-share loss for the second quarter. Beyond that, revenue fell by 7 percent to $9.7 million from $10.5 million.