JCPenney Is Busy Reversing Everything Ron Johnson and 2 More Heavily Traded Stocks to Follow
J.C. Penney & Co. (NYSE:JCP): Current price $7.87
The historic retailer is starting to live in the past — literally. Penney’s is busy removing any vestige of the Ron Johnson administration as it takes out employees carrying iPads who were checking out customers, and brings back register lines. Visible no more are the Wi-Fi and boutique-style store-within-a-stores. Back to stay are some of its old, comfortable brands such as St. John’s Bay. Probably the most noticeable reversal of all is the disappearance of everyday low prices, while doorbuster sales return. Same-store sales at Penney’s were down by 4 percent in September year-over-year, but they were 5.8 percent above August’s figures. What is more, online sales jumped by 25 percent, making the back-to-school season one for the records.
MannKind Corp. (NASDAQ:MNKD): Current price $5.29
On Monday, MannKind said that it has again filed for marketing approval of its inhaled diabetes drug Afrezza, two years after regulators refused a similar application. Afrezza is a fast-acting insulin powder that comes in single-use cartridges, delivered via an inhaler called Dreamboat. MannKind’s new filing includes data from two successful late-stage trials. One involved patients who have type 1 diabetes and another is focused on type 2 diabetes patients. Presently, MannKind has no drugs on the market. It first filed for FDA approval of Afrezza in March 2009, and in early 2011, the agency told the firm to run more clinical studies.
Boston Scientific Corp. (NYSE:BSX): Current price $12.22
Zacks Equity Research has reinstated its Neutral on Boston Scientific. Following several quarters of weak performance, Zacks was encouraged with the firm’s efforts at revival, which were reflected in its improved second-quarter results. The firm observed that, “While challenges still remain in the core stent and defibrillators businesses, we are optimistic about the recent update on the company’s growth objective that conveys significant new additions. The stock currently carries a Zacks Rank #2 (Buy).” Shares are up Monday by about 2.6 percent in heavy trading.
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