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JC Penney Says Does Not Need to Raise Equity This AM, Then Does This PM
Pay no attention to that man behind the curtain. I continue to wonder why this company is still around? I have ventured into JCP twice in the past three years and both times there were more employees than customers. Always a bad sign in my book. The SEC should be looking into this one.
Now JCP saying "Comments purported to be made by Ullman in “media articles” don’t reflect “any recent comment,” JCP says in e-mailed statement." So either CNBC was going with a bad source (who had what intent?) or JCP (who didn't say anything right away when the stock soared on the news) is lying. Either way, another example of a deteriorating corporate situation being handled badly (see also Blackberry.)
And to add to the list Charles provided above, I'll say one or more Aeropostale-type teen retailers.
ZH is by no means perfect, but I don't understand the upset (not directing any of this toward's JohnC's comment above) that a site who tries to question wrongdoing and general BS in the financial system (not to mention government) gets while CNBC anchors generally exist to be cheerleaders and kiss the rear of anyone in the financial system.
Jon Stewart's wrecking Jim Cramer in that interview a year or two ago had Cramer in the seat, but the problems are broadly with CNBC. Cramer's just the most visible. As Stewart notes in the interview, "You knew what the banks were doing and yet, were touting it for months and months - the whole network was. To pretend that no one could see this coming is disingenuous at best and criminal at worst." Nothing has changed about CNBC since 2008 (well, aside from ratings.) No one on CNBC asks difficult questions, no one on CNBC questions performance (if they did, they'd be asking "market expert" Dennis Gartman, who consistently appears on the channel, why his ETF - which he never mentions - is near an all-time low.)
CNBC has no skepticism. None whatsoever.
There's a middle ground (which could actually probably do quite well - I guess RT is going for that, but I don't watch it and have no idea what channel it's on), but ZH is too far off to one side and CNBC is too beholden to Wall Street despite the fact that what they're doing isn't working as ratings are the lowest they've been in years.
Neither should influence the investment decisions that people make, but in terms of being so upset by any little bit of negativity (to the point where it seems as if people practically cover their ears and go "nahnahnannah"), if normalcy bias works for people, hey, great.
I actually think there's a lot to like in the market (if you have a longish-term view, because with what's going on in Washington right now, who knows what the short term looks like.) I continue to look to add here-and-there.
However, things aren't fixed, you have an economy that's still fragile despite QE V1.0, 2.0, 3.0 and QEi and the fact that you have a government whose inability to work together verges on embarrassing does not help. Have a long-term view,hope for the best and have some preparation and planning for the worst.
In the JCP f-up category, Blackberry CEO will get a fortune if he sells the company after nearly wrecking it (after he did terribly with Siemens mobile division.)
Second round, w/Stewart destroying Cramer worse (particularly starting at 1:40)
Reply to @mrdarcey: Maybe I'm crazy, but BN stores would not be a bad buy if Amazon ever wanted to have retail stores. They wouldn't sell everything, but they'd sell big categories and possibly have a desk where people could pick up their amazon orders (rather than the giant PO boxes they are setting up in some stores.) Rather than the Nook, they'd sell the Kindle.
They'd either get the Nook out of the way entirely or sell off patents or I dunno (the big 10in Nook HD is actually only $149 now - I don't own one but I think it's not a bad deal for the price at all.) Liberty Media owns a major stake in BN, so I'd think something gets done, but maybe not. Any which way, Barnes and Noble as is does not last too many more years.
Reply to @scott: Not sure Amazon would be interested. One of the problems BKS faces going forward is that their stores are far too big for a product that is expensive to ship and store and has an absurdly low margin at point of sale. They've basically become a showroom for online shopping because they can't price match bn.com.
Nooks are great devices, especially the Simple Touch, but they lost the war by not focusing on content early enough with the tablets. And they're doubling down again for Christmas with another new release. Microsoft and Pearsons own large stakes, and a fair chunk of BKS' equity resides in the Nook brand. It would probably be first to be sold, but who is buying?
Comments
And to add to the list Charles provided above, I'll say one or more Aeropostale-type teen retailers.
Jon Stewart's wrecking Jim Cramer in that interview a year or two ago had Cramer in the seat, but the problems are broadly with CNBC. Cramer's just the most visible. As Stewart notes in the interview, "You knew what the banks were doing and yet, were touting it for months and months - the whole network was. To pretend that no one could see this coming is disingenuous at best and criminal at worst." Nothing has changed about CNBC since 2008 (well, aside from ratings.) No one on CNBC asks difficult questions, no one on CNBC questions performance (if they did, they'd be asking "market expert" Dennis Gartman, who consistently appears on the channel, why his ETF - which he never mentions - is near an all-time low.)
CNBC has no skepticism. None whatsoever.
There's a middle ground (which could actually probably do quite well - I guess RT is going for that, but I don't watch it and have no idea what channel it's on), but ZH is too far off to one side and CNBC is too beholden to Wall Street despite the fact that what they're doing isn't working as ratings are the lowest they've been in years.
Neither should influence the investment decisions that people make, but in terms of being so upset by any little bit of negativity (to the point where it seems as if people practically cover their ears and go "nahnahnannah"), if normalcy bias works for people, hey, great.
I actually think there's a lot to like in the market (if you have a longish-term view, because with what's going on in Washington right now, who knows what the short term looks like.) I continue to look to add here-and-there.
However, things aren't fixed, you have an economy that's still fragile despite QE V1.0, 2.0, 3.0 and QEi and the fact that you have a government whose inability to work together verges on embarrassing does not help. Have a long-term view,hope for the best and have some preparation and planning for the worst.
In the JCP f-up category, Blackberry CEO will get a fortune if he sells the company after nearly wrecking it (after he did terribly with Siemens mobile division.)
Second round, w/Stewart destroying Cramer worse (particularly starting at 1:40)
They'd either get the Nook out of the way entirely or sell off patents or I dunno (the big 10in Nook HD is actually only $149 now - I don't own one but I think it's not a bad deal for the price at all.) Liberty Media owns a major stake in BN, so I'd think something gets done, but maybe not. Any which way, Barnes and Noble as is does not last too many more years.
Barnes and Noble mkt cap only about 770M.
Amazon's boxes ("Lockers") http://www.businessweek.com/articles/2013-09-20/do-amazons-lockers-help-retailers-depends-on-what-they-sell
Nooks are great devices, especially the Simple Touch, but they lost the war by not focusing on content early enough with the tablets. And they're doubling down again for Christmas with another new release. Microsoft and Pearsons own large stakes, and a fair chunk of BKS' equity resides in the Nook brand. It would probably be first to be sold, but who is buying?