MW J.C. Penney shares slide after NYSE sends notice of non-compliance
J.C. Penney Co. Inc. (JCP) stock fell 2% in Monday premarket trading after the struggling department store retailer announced that it has received a NYSE letter of non-compliance. NYSE rules state that companies have to maintain an average closing share price of at least $1 for 30 consecutive days. J.C. Penney stock closed Friday at 74.5 cents. The letter, received on Jan. 31, says J.C. Penney has six months from the receipt to regain compliance with the share price rule. J.C. Penney previously received a letter of non-compliance in August 2019 (http://www.marketwatch.com/story/jc-penney-stock-tanks-12-after-nyse-non-compliance-letter-2019-08-09). J.C. Penney stock has tumbled 43.6% over the last year while the ProShares Decline of the Retail Store ETF (EMTY) has gained 6% and the S&P 500 index is up 19.2%.
-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 03, 2020 08:07 ET (13:07 GMT)
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