Following yesterday's lies, lies, and more lies, is it any wonder that everyone and their mum is dumping JCPenney stock with both hands and feet this morning. It would appear that whatever Goldman said to 'pitch' the new shares to "investors", those muppets have seen their new prized portfolio additions at $9.65 monkey-hammered faster than Cramer changes his minds on trades. With a massive 80 million shares already traded (average daily volume is in the 10-15mm range), it would appear that all that fresh new capital to burn did nothing for investor confidence.
Still Maxim's Rick Snyder has a BUY $22 price target on it - updated on 9/25...
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Of course Goldman is smiling as they have now a better position in the capital structure (1st lien) against a firm with more cash to burn before they get their hands on the assets.