Sep 29

Business as Usual?

J.C. Penney has been in the news lately along with some comments in the business news services from Goldman Sachs.You have to wonder if some of the news releases can be correct.

On 9/25/13 Penney’s stock got creamed. It seems this decline was largely attributable to Goldman Sachs raising liquidity concerns about J.C. Penney. What seems odd to me is J.C. Penney is apparently (or has apparently been) a customer of Goldman. Seems odd…..

The next day the CEO for J.C. Penney is cited in a news release indicating he does not expect ¬†Penney’s to need to raise cash. That same day Penney’s announces an 84 million share offering. Seems odd…..

Who will be helping Penney’s with their with their stock offering? Goldman? Seems odd…..