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Agreed 100% great time to add my friend for long term hold expecually if you love the company and believe in their future but PR was released from OGI,, there will be layoffs and decreased productions so market won’t react well ,, I for one believe in MJ sector there will be a 10-15% green day coming soon so all MJs will rebound.
Best of luck and to all!
$$$OGI$$$
Update: Organigram Slashes Near 8% as Cuts Target Production, Reduces Workforce
MIDNIGHTTRADER - Updated just now
11:31 AM EDT, 07/03/2020 (MT Newswires) -- Organigram Holdings (OGI.TO) fell 7.8% to $2.02 apiece Friday after it reduced its workforce by near 25%, slashed target production capacity, and has postponed the Q3 interim filings.
The parent company of licensed cannabis producer said Organigram's move to reduce workforce will affect near 220 employees including a small number who are not on temporary layoff, said the company.
CEO Greg Engel said: "With a reduced workforce, the company believes it can continue to meet current and anticipated near term demand levels.
"These decisions are never easy to make, but we are committed to ensuring the Company is appropriately sized relative to market conditions - we are incredibly grateful for the commitment that our affected employees have made in helping build the Company that Organigram is today."
In the future, OGI is set to cultivate less than the target production capacity of cannabis its Moncton campus was originally designed for.
Organigram is also briefly postponing the filing of its interim financial statements, interim management's discussion and analysis and certifications for the interim period ended May 31, 2020 by near one week, to July 21. The company is relying on blanket exemptive relief granted by the Canadian securities regulatory authorities that permits it to delay the filing, which would have been July 15, 2020.
Amid the COVID-19 pandemic, the company expects a Q3 decline in net revenue compared with Q2 2020. It also expects a decrease in selling, general & administrative expenses for fiscal Q3 2020 compared with Q2. As the company right-sizes its production to market demand and reviews its asset carrying values, it expects negative adjustments to inventories and an asset impairment on its Moncton facility. OGI also expects to meet consumer demand as it continues to adjust its operations to emerging preferences in a dynamic marketplace, according to a statement.
Price: 2.02, Change: -0.17, Percent Change: -7.76
>>>>$$$$~PENNEY’S~$$$$<<<<<
GREEN Close @.34
*** Penney’s slated to be a Top 25 Nasdaq/NYSE Comeback Beast in 2020/21 from online articles I’ve read*** Hold and enjoy the 2 week+ journey to Paradise
Glta and a great long weekend!
$$$$JCPNQ$$$$
>>>>$$$$~PENNEY’S~$$$$<<<<
Court hearing at 2pm East time
Phone Number 1(832)917-1510 and room number 205691
Current Bid/Ask as of 5:30 am pac time:
.325/.3397
Glta
$$$$JCPNQ$$$$
https://www.cnn.com/2020/06/30/investing/dow-stock-market-today-best-quarter/index.html
Glta tomorrow onwards
$$$$JCPNQ$$$$
https://www.cnbc.com/2020/06/30/heres-why-the-biggest-us-mall-owner-might-want-to-buy-jc-penney.html
Book value for JCP is .61 as of 6/6/2020,,, so worst case scenario over the coming 2 weeks if someone wants to exit
Going for the GOLD
Best of luck tomorrow everyone!
$inai
$$$$JCPNQ$$$$
According to Discord board JCPNQ isn’t trading on Webull yet?,,, strange .
Glta
$$$$JCPNQ$$$$
Thanks!!! Much appreciated
Gltu and all today
$$$$JCPNQ$$$$
LG is there any concern re: these #’s ,,, appreciate all ur great DD to date and expertise
TIA
$$$$JCPNQ$$$$
Annual Report of Employee Stock Plans (11-k)
Source: Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One) x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019
OR
o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ________
Commission File Number 001-15274
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
J. C. Penney Corporation, Inc.
Safe Harbor 401(k) Savings Plan
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
J. C. Penney Company, Inc.
6501 Legacy Drive
Plano, Texas 75024-3698
REQUIRED INFORMATION
Form 11-K Annual Report
This form provides the annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934, as amended, with respect to the J. C. Penney Corporation, Inc. Safe Harbor 401(k) Savings Plan, a plan subject to the Employee Retirement Income Security Act of 1974.
J. C. PENNEY CORPORATION, INC.
SAFE HARBOR 401(k) SAVINGS PLAN
Financial Statements and Supplemental Schedule
December 31, 2019 and 2018
(With Report of Independent Registered Public Accounting Firm Thereon)
J. C. PENNEY CORPORATION, INC.
SAFE HARBOR 401(k) SAVINGS PLAN
Table of Contents
Page
Report of Independent Registered Public Accounting Firm
1
Statements of Net Assets Available for Benefits - December 31, 2019 and 20181
3
Statements of Changes in Net Assets Available for Benefits - For the Years Ended December 31, 2019 and 2018
4
Notes to Financial Statements
5
Form 5500, Schedule H, Line 4i - Schedule of Assets (Held at End of Year) - December 31, 2019
14
Signatures
15
Index to Exhibits
16
IMAGE1.JPG
Report of Independent Registered Public Accounting Firm
To the Benefit Plan Investment Committee,
Benefits Administration Committee, and
Human Resources Committee of
J.C. Penney Corporation, Inc. Safe Harbor 401(k) Savings Plan:
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the J.C. Penney Corporation, Inc. Safe Harbor 401(k) Savings Plan (the “Plan”) as of December 31, 2019 and 2018 and the related statements of changes in net assets available for benefits for the years then ended, and the related notes and schedule (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provides a reasonable basis for our opinion.
Emphasis of matter
As described in Note 11 to the financial statements, J.C. Penney Corporation, the Plan’s sponsor, filed for relief under chapter 11 of the United States Bankruptcy code on May 15, 2020. Our opinion is not modified with respect to this matter.
Supplemental Information
The supplemental information in the accompanying schedule of Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2019 (“Supplemental Information”), has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The Supplemental Information is the responsibility of the Plan's management. Our audit procedures included determining whether the Supplemental Information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the Supplemental Information. In forming our opinion on the Supplemental Information, we evaluated whether the Supplemental Information, including
Baker Tilly Virchow Krause, LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. © 2018 Baker Tilly Virchow Krause, LLP
1
IMAGE1.JPG
its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the Supplemental Information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Baker Tilly Virchow Krause, LLP
We have served as the Plan’s auditor since 2015.
Plano, Texas
June 29, 2020
Baker Tilly Virchow Krause, LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. © 2018 Baker Tilly Virchow Krause, LLP
2
J. C. PENNEY CORPORATION, INC.
SAFE HARBOR 401(k) SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2019 and 2018
($ in thousands) 2019 2018 Assets: Investments: Interest in Master Trust-Participant directed investments $ 536,023 $ 427,054 Self-directed brokerage accounts-Participant directed investments 2,578 1,893 Total investments 538,601 428,947 Receivables: J. C. Penney Company, Inc. contributions 529 580 Notes receivable from participants 22,168 20,751 Due from broker for securities sold 37 17 Interest and dividends — 2 Total receivables 22,734 21,350 Total assets 561,335 450,297 Liabilities: Due to broker for securities purchased 72 4 Total liabilities 72 4 Net assets available for benefits $ 561,263 $ 450,293
See the accompanying notes to the financial statements.
3
J. C. PENNEY CORPORATION, INC.
SAFE HARBOR 401(k) SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For The Years Ended December 31, 2019 and 2018
($ in thousands) 2019 2018 Additions and net income (loss) to net assets attributed to: Investment income (loss) - Plan interest in Master Trust $ 92,482 $ (30,952) Net appreciation (depreciation) - Self-directed brokerage accounts 434 (211) Interest and dividends-Self-directed brokerage accounts 53 65 Net investment income (loss) 92,969 (31,098) Interest income on notes receivable from participants 1,089 894 Contributions: J. C. Penney Company, Inc., net of forfeitures 31,648 32,194 Participants 54,586 52,648 86,234 84,842 Total additions and net income 180,292 54,638 Deductions from net assets attributed to: Benefit payments (75,178) (72,104) Administrative expenses (172) (150) Total deductions (75,350) (72,254) Increase (decrease) before transfers 104,942 (17,616) Transfer from J.C. Penney Corporation, Inc. Savings, Profit Sharing and Stock Ownership Plan 6,028 8,456 Increase (decrease) after transfers 110,970 (9,160) Beginning net assets available for benefits 450,293 459,453 Ending net assets available for benefits $ 561,263 $ 450,293
See the accompanying notes to the financial statements.
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J. C. PENNEY CORPORATION, INC.
SAFE HARBOR 401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2019 and 2018
1. Description of Plan
The following description of the J. C. Penney Corporation, Inc. Safe Harbor 401(k) Savings Plan (the Plan) provides only general information. For more complete information, Participants should refer to the Summary Plan Description for the Plan. If these Notes to Financial Statements or the Summary Plan Description result in any misunderstanding or inconsistency with the Plan document, the Plan document will govern.
(a)General
The Plan is a defined contribution plan available to eligible employees (Associates) of J. C. Penney Corporation, Inc. (the Company, Plan Sponsor or Plan Administrator) and certain subsidiaries. Associates who were hired or rehired after Dec. 31, 2006, are not accruing a benefit in the J. C. Penney Corporation, Inc. Pension Plan (the Pension), and have attained age 21 are immediately eligible to participate in the Plan upon completing one hour of service. An eligible Associate must be enrolled in the Plan to be a participant in the Plan (Participant). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The financial statements include all of the funds that comprise the Plan.
The Benefit Plans Investment Committee (BPIC) is the named fiduciary for the control and management of the assets of the Plan except for the J. C. Penney Common Stock Fund (Penney Stock Fund). Newport Trust Company (Newport Trust) is the named fiduciary with respect to the management and disposition of the Penney Stock Fund. The BPIC also has the responsibility for selecting investment funds, other than the Penney Stock Fund, to be offered under the Plan. The Benefits Administration Committee (BAC) is the named fiduciary for the review of denied benefit claims and has overall responsibility for the day-to-day administration of the Plan. The Human Resources Committee (HRC) approves the Company’s overall benefit strategy for the Plan and any modifications or amendments to the Plan and is responsible for appointing members of the BAC and the BPIC and appoints the trustee. The HRC has named State Street Bank & Trust Company (State Street Bank or Trustee) as the trustee for the Plan and Alight Solutions LLC as the third party administrator/record keeper for the Plan.
(b)Payment of Benefits
Generally, Participants who have separated from service with account balances over $5,000 remain in the Plan until the Participant elects payment. A Participant will receive an involuntary lump sum distribution if the total vested account balance is $5,000 or less at the time of distribution. If the Participant is under the age of 65 and the Participant does not elect to receive the mandatory lump-sum distribution directly as a cash distribution, as a direct rollover to an eligible retirement Plan or as a direct rollover to an Individual Retirement Arrangement (IRA), then the Participant’s mandatory lump-sum distribution will be automatically paid as a direct rollover to an IRA in the Participant’s name with Millennium Trust Company. If a cash distribution is elected applicable taxes and early withdrawal penalties may apply. Certain Participants who have separated from service and who are 100% vested in the Company contributions may request periodic withdrawals, fixed monthly payments of at least $100, or a complete distribution. Minimum required distributions will begin by April 1 of the year following the year of separation for a Participant who has attained age 70½ and will continue each year thereafter to comply with federal law. Hardship withdrawals are permitted provided the requirements for financial hardship under Internal Revenue Service (IRS) rules are met.
(c)Contributions
Participants are permitted to make from 1% to 50% of their eligible pay in pre-tax, Roth and/or after-tax contributions (pre-tax and Roth contributions were subject to an annual maximum of $19,000 in 2019 and $18,500 in 2018). Federal law limits the amount of annual pay that can be taken into account when calculating your Plan deposits and Company matching contributions. This limit is determined by the IRS and changes from time to time. The limit was $280,000 in 2019 and $275,000 in 2018.
The Plan allows Participants who have attained the age of 50 by the end of the year to make an additional tax-deferred deposit (catch-up contribution) up to a maximum of $6,000 during 2019 and 2018. These catch-up contributions, to the extent possible, are eligible for the Company’s matching contribution.
The Plan allows Participants who participated in another employer’s qualified retirement plan before coming to work for the Company to rollover a portion or all of their distributions from the prior employer’s plan. The Participant cannot rollover a loan from another plan. The Plan accepts eligible cash rollovers directly from another qualified
5
retirement plan that meets certain legal requirements within 60 days after receipt of an eligible distribution. If the rollover is not a direct rollover, then only the taxable portion of the prior Roth 401(k) account may be rolled over and the Roth Begin Date doesn’t carryover. The Participant is immediately vested in these contributions to the Plan.
Participants age 21 or older become eligible for the Company matching contributions after completing 1,000 hours of service in an eligibility period. The Company matching contribution is a per pay period Company match of $1.00 for every dollar deposited of the first 5% of eligible pay. If the Participant is eligible to receive Company matching contributions, the Participant is also eligible to receive a year-end true-up contribution to their account. Annually, the Participant's prior year eligible pay will be compared to the prior year’s Company matching contributions. If the total amount of Company matching contributions that the Participant received on a per-paycheck basis was less than the annualized amount of Company matching contributions that the Participant should have received based on their effective contribution rate, they will receive a true-up contribution. The year-end true-up process will ensure the Participant receives their full Company matching contributions. In some years the Company may choose to make an additional discretionary contribution to the Plan to eligible Participants.
During 2019, the Company matching contributions, net of forfeitures, totaled approximately $31.1 million and the true-up contribution totaled approximately $0.5 million. During 2018, the Company matching contribution totaled approximately $31.6 million and the true-up contribution totaled approximately $0.6 million.
(d)Participants’ Investment Funds
All Participant contributions, Company matching contributions and Company retirement account contributions are invested in the Plan’s investment funds in accordance with the Participant’s investment elections. Participants direct their investments amongst three tiers of funds as follows: Tier 1 funds consist of target date retirement funds managed by Vanguard Fiduciary Trust Company. Tier 2 funds consist of index funds, including the Penney Stock Fund. Tier 3 funds consist of the Participant directed brokerage window. The funds are maintained on a unit-value basis, and, accordingly, the actual earnings and appreciation or depreciation in the underlying securities are reflected in the daily unit value.
(e)Participant Accounts
Each Participant’s account is credited with the Participant’s contributions, the Company’s contributions, Plan earnings and appreciation or depreciation in underlying securities, and is charged with an allocation of administrative expenses. Allocations are based on Participant account balances, as defined. The benefit to which a Participant is entitled is the benefit that can be provided from the Participant’s vested account.
(f)Participants’ Loans
A Participant who has not separated from service may request a loan. The minimum loan amount is $500. The maximum loan amount is the lesser of: the value of a Participant’s before-tax, Roth, Roth rollover, rollover and after-tax deposits on the valuation date, 50% of a Participant’s total vested account value on the valuation date, or $50,000 minus the highest aggregate balance of any other loans owed to the Plan during the previous 12 months. All loans must be adequately secured and bear interest at the prime rate plus 1%. Interest rates on the loans outstanding as of December 31, 2019 ranged from 4.25% to 9.25% and maturities through 2024. Loan amounts and the terms of repayment are limited in accordance with Plan provisions. Interest rates on the loans outstanding as of December 31, 2018 ranged from 4.25% to 9.25% and maturities through 2024. Loan amounts and the terms of repayment are limited in accordance with Plan provisions.
(g)Vesting
Participants are immediately vested in the value of their deposits and earnings thereon. All Company contributions in the 401(k) Plan are 100 percent vested as soon as they are deposited into a Participant's account. If the Participant's account transferred from the J. C. Penney Corporation, Inc. Savings, Profit Sharing and Stock Ownership Plan (the 401(k) Savings Plan) to the Plan the non-vested portion of your Company contributions and any related earnings are subject to the vesting schedule of the 401(k) Savings Plan. Company contributions to the 401(k) Savings Plan and earnings thereon for Plan years 2007 and later will be 100% cliff vested after three years of service or if the Participant separates from service at normal retirement age, death, total disability, or a reduction in force or unit closing.
(h)Forfeited Accounts
Forfeitures are available to restore forfeited amounts of rehired Participants, offset Company contributions, or pay Plan expenses. There were no forfeitures available as of December 31, 2019, forfeitures available as of December 31, 2018 totaled $0.4 million. During 2019 approximately $0.3m forfeitures were utilized to offset Company contributions and in 2018 no forfeitures were utilized to offset Company contributions. A portion of the forfeiture balance in 2018 and
6
2019 is reserved for non-cashed checks paid to Participants as part of the Ramirez v. J. C. Penney Corporation, Inc. litigation settlement.
(i)Expenses
Participants’ accounts share in the expenses to administer the Plan. These expenses include trustee, investment management, audit, administrative service provider fees, and other expenses. Administrative expenses not paid by the Plan are paid by the Company.
(j)Transfers from Affiliated Plan
Effective January 1, 2017, the Company added the J. C. Penney Corporation, Inc. Safe Harbor 401(k) Savings Plan that was made available for active employees hired or rehired on or after January 1, 2007. The Plan replaced the noncontributory Company retirement account previously provided for in the J. C. Penney Corporation, Inc. Savings, Profit Sharing and Stock Ownership Plan. During 2019 and 2018 approximately $6 million and $8 million, respectively, in net assets were transferred to the Plan for Participants who lost eligibility in the 401(k) Savings Plan and became eligible for the Plan.
(k)Interest in Master Trust
The Plan participates in the J. C. Penney Corporation, Inc. Savings Plans Master Trust (Master Trust) along with the 401(k) Savings Plan. Certain investments of the Plan are maintained through the Master Trust. The value of the Plan's interest in the Master Trust is based on the beginning value of the Plan's interest in the Master Trust plus actual contributions and allocated net investment income (loss) less actual distributions and allocated administrative expenses. The Plan's allocated share of investment activities is based upon each plan's participation in investment options within the Master Trust.
2. Related Party and Party in Interest Transactions
Certain Master Trust investment options are investment products managed by State Street Global Advisors (SSGA), which is the investment management division of State Street Bank, a wholly owned subsidiary of State Street Corporation. State Street Bank is the trustee, as defined by the Plan, and the disbursement agent. The trustee and investment manager fees are paid by the Plan.
As of December 31, 2019, the Master Trust held investments in J.C. Penney Company Inc. common stock totaling $18.1 million. During the year ended December 31, 2019, 4.4 million shares were acquired and 2.4 million were sold by the Master Trust. As of December 31, 2018, the Master Trust held investments in J.C. Penney Company Inc. common stock totaling $14.8 million. During the year ended December 31, 2018, 6.4 million shares were acquired and 5.8 million were sold by the Master Trust. All of these transactions are exempt from the prohibitions against party-in-interest transactions.
Eligible Participants may borrow from their individual account balance in the Plan as discussed in note 1(f), and these transactions qualify as exempt party-in-interest transactions.
Certain administrative functions and services necessary for the operation of the Plan are performed by employees of the Company who may also be Participants in the Plan. The Plan pays reasonable compensation for those services.
3. Summary of Significant Accounting Policies
(a)Basis of Accounting
The financial statements of the Plan are prepared under the accrual method of accounting.
(b)Valuation of Investments and Income Recognition
The Plan’s investments and investments in the Master Trust are stated at fair value, except for synthetic investment contracts, which are stated at contract value because contract value is the amount Participants would receive if they were to initiate permitted transactions under the terms of the Plan.. Purchases and sales of investments are recorded on a trade-date basis. The average cost method is used to calculate gains and losses on the sale of investments. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as held during the year.
7
(c)Notes Receivable From Participants
Participant loans are recorded at amortized costs which represent the unpaid principal balance plus accrued interest.
(d)Payment of Benefits
Benefits are recorded when paid.
(e)Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
4. Plan's Interest in Master Trust
As previously discussed, a majority of the investments of the Plan are maintained through the Master Trust at December 31, 2019 and 2018. Use of the Master Trust permits the commingling of Plan assets with the assets of the other Plan sponsored by the Company for investment and administrative purposes. Although assets of the plans are commingled in the Master Trust, the record keeper maintains supporting records for the purpose of allocating the net gain or loss of the investment account to the participating plans. The net investment income or loss of the investment assets are allocated by the record keeper to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans.
The following tables present the Master Trust net assets and the Plan's interest in the Master Trust net assets at December 31, 2019 and 2018:
12/31/2019 ($ in thousands) Master Trust Plan's Interest in
Master Trust Investments J. C. Penney Company, Inc. common stock $ 18,108 $ 4,203 Common and collective trusts, at fair value 1,848,059 502,853 Synthetic investment contracts: Common and collective trusts, at fair value 585,601 29,172 Wrapper contracts (4,113) (205) Synthetic investment contracts, at contract value 581,488 28,967 Total investments 2,447,655 536,023 Net assets available for benefits $ 2,447,655 $ 536,023
12/31/2018 ($ in thousands) Master Trust Plan's Interest in
Master Trust Investments J. C. Penney Company, Inc. common stock $ 14,769 $ 2,683 Common and collective trusts, at fair value 1,589,478 394,878 Synthetic investment contracts: Common and collective trusts, at fair value 632,089 29,059 Wrapper contracts 9,421 434 Synthetic investment contracts, at contract value 641,510 29,493 Total investments 2,245,757 427,054 Net assets available for benefits $ 2,245,757 $ 427,054
8
The following table presents net investment income (loss) for the Master Trust and the Plan's interest in the Master Trust net investment income (loss) for the years ended December 31, 2019 and 2018:
($ in thousands) 2019 2018 Additions and net income (loss) to net assets attributed to: Net appreciation (depreciation) in the fair value of investments $ 343,020 $ (132,762) Interest 15,082 18,616 358,102 (114,146) Less investment expenses (739) (778) Net investment income (loss) 357,363 (114,924) Net purchases (sales) (163,510) (206,266) Administrative expenses (1,416) (1,519) Net (decrease) in assets 192,437 (322,709) Net transfers 9,461 6,669 Beginning net assets available for benefits 2,245,757 2,561,797 Ending net assets available for benefits $ 2,447,655 $ 2,245,757 Plan's interest in the Master Trust - net investment income (loss): $ 92,482 $ (30,952)
5. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the exit price) in an orderly transaction between market Participants at the measurement date. In determining fair value, the accounting standards establish a three-level hierarchy for inputs used in measuring fair value, as follows:
Level 1 – Quoted prices in active markets for identical assets or liabilities.
Level 2 – Significant observable inputs other than quoted prices in active markets for similar assets and liabilities, such as quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
Level 3 – Significant unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market Participants.
9
The following tables present a summary of the Master Trust's investments, the Plan's interest in the Master Trust's investments, and the investments in the self-directed brokerage accounts measured at fair value as of December 31, 2019:
($ in thousands) Quoted Prices in Active Market
(Level 1) Significant Other Observable Input
(Level 2) Total Master Trust investments: Common stock (a): J. C. Penney Company, Inc., at fair value $ 18,108 $ — $ 18,108 Common and collective trusts (b), at fair value — 1,848,059 1,848,059 Common and collective trusts in synthetic investment contracts, at fair value — 585,601 585,601 Total investments in the Master Trust, at fair value 18,108 2,433,660 2,451,768 Synthetic investment contracts, wrapper contracts, at contract value — — (4,113) Total investments in the Master Trust $ 18,108 $ 2,433,660 $ 2,447,655 Plan's interest in Master Trust investments: Common stock (a): J. C. Penney Company, Inc., at fair value $ 4,203 $ — $ 4,203 Common and collective trusts (b), at fair value — 502,853 502,853 Common and collective trusts in synthetic investment contracts, at fair value — 29,172 29,172 Total investments in the Master Trust, at fair value 4,203 532,025 536,228 Synthetic investment contracts, wrapper contracts, at contract value — — (205) Total plan's interest in the Master Trust investments $ 4,203 $ 532,025 $ 536,023 Plan investments not in the Master Trust Self-directed brokerage accounts (c): Mutual funds $ 1,159 $ — $ 1,159 Common stock 1,406 — 1,406 Other: Cash and cash equivalents 13 — 13 Total other 13 — 13 Total investments not in the Master Trust, at fair value 2,578 — 2,578 Total plan investments $ 6,781 $ 532,025 $ 538,601
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The following tables present a summary of the Master Trust's investments, the Plan's interest in the Master Trust's investments, and the investments in the self-directed brokerage accounts measured at fair value as of December 31, 2018 :
($ in thousands) Quoted Prices in Active Market
(Level 1) Significant Other Observable Input
(Level 2) Total Master Trust investments: Common stock (a): J. C. Penney Company, Inc., at fair value $ 14,769 $ — $ 14,769 Common and collective trusts (b), at fair value — 1,589,478 1,589,478 Common and collective trusts in synthetic investment contracts, at fair value — 632,089 632,089 Total investments in the Master Trust, at fair value 14,769 2,221,567 2,236,336 Synthetic investment contracts, wrapper contracts, at contract value — — 9,421 Total investments in the Master Trust $ 14,769 $ 2,221,567 $ 2,245,757 Plan's interest in Master Trust investments: Common stock (a): J. C. Penney Company, Inc., at fair value $ 2,683 $ — $ 2,683 Common and collective trusts (b), at fair value — 394,878 394,878 Common and collective trusts in synthetic investment contracts, at fair value — 29,059 29,059 Total investments in the Master Trust, at fair value 2,683 423,937 426,620 Synthetic investment contracts, wrapper contracts, at contract value — — 434 Total plan's interest in the Master Trust investments $ 2,683 $ 423,937 $ 427,054 Plan investments not in the Master Trust Self-directed brokerage accounts (c): Mutual funds $ 531 $ — $ 531 Common stock 1,079 — 1,079 Other: Cash and cash equivalents 3 — 3 Preferred stock 267 — 267 Partnerships 13 — 13 Total other 283 — 283 Total investments not in the Master Trust, at fair value 1,893 — 1,893 Total plan investments $ 4,576 $ 423,937 $ 428,947
Actual risk depends on the individual investments which are selected by each applicable Participant.
As of December 31, 2019 and 2018, the Plan’s investments have no future commitments and a daily redemption frequency with one days notice. In addition, the Plan’s investments had no transfers between levels 1 to 3 from December 31, 2018 to December 31, 2019 or from December 31, 2017 to December 31, 2018.
Following is a description of the valuation methodologies used for assets measured at fair value. See also footnote 3(b) for more information.
(a)Common stock: Valued at the closing price reported in the active market in which the individual securities are traded.
(b)Common and collective trusts: Valued at the net asset value (NAV) of shares held by the Plan at year end. The target date funds are comprised of eleven collective trusts, which manage risk and investment return over time. There are
11
three general market risk levels: low to moderate, moderate, and moderate to high. Each fund is a different mix of investments – stocks, bonds and cash. The funds start out with more stock for growth opportunity and end with less stock. The equity funds are comprised of 3 large cap funds and 2 small cap funds with low to moderate and high risk levels, respectively. The fixed income securities have low general market risk.
There are no known commitments or restrictions on the common and collective trusts except for some withdrawal restrictions as related to liquidation by the Plan Sponsor of the equity funds. The Plan Sponsor has no plans to liquidate these funds.
(c)Self-directed brokerage window includes cash and cash equivalents, common stock, corporate bonds, mutual funds, notes, preferred stock, publicly traded partnerships: Certain U.S. Treasury notes and corporate bonds are valued at the closing price reported in the active market in which the security is traded. Other corporate bonds are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Other investments listed are valued at the closing price reported in the active market in which the individual securities are traded. Actual risk depends on the individual investments which are selected by each applicable Participant.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan Sponsor believes its valuation methods are appropriate and consistent with other market Participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement as of the reporting date.
6. Synthetic Investment Contracts
The Master Trust enters into synthetic investment contracts (SICs), with certain insurance companies and financial institutions (the Contract Issuers). The SICs provide a crediting rate based on the performance of fixed income securities underlying each SIC and held by the Master Trust for the Plan. SICs totaled $581.5 million and $641.5 million in the Master Trust as of December 31, 2019 and 2018, respectively. Additionally, there are no reserves against contract values for credit risk of the Contract Issuer or otherwise.
The SICs include wrapper contracts in order to manage the market risk and return of the investments and securities held by the SICs. The wrapper contracts generally modify the investment characteristics of certain underlying securities such that they perform in a manner similar to guaranteed investment contracts. Each wrapper contract and the related underlying assets comprise the SICs, which are recorded at contract value. Contract value represents contributions made under the contract, plus interest at the contract rate, less withdrawals and contract administrative expenses.
Key factors that could influence future average interest crediting rates include, but are not limited to: Plan cash flows, changes in interest rates, total return performance of the fair market value bond strategies underlying each SIC contract, default or credit failures of any of the securities, investment contracts, or other investments held in the fund, the initiation of an extended termination (immunization) of one or more SIC contracts by the manager or the Contract Issuers.
Specific coverage provided by each SIC may be different for each contract, and can be found in the individual SIC contracts held by the Master Trust. Contract Issuers are not allowed to terminate any of the above SICs and settle at an amount different from contract value unless there is a breach of the contracts terms, which is not corrected within the applicable cure period. Actions that may result in a breach (after any relevant cure period) include, but are not limited to: material misrepresentation; failure to pay SIC fees, or any other payment due under the contract; failure to adhere to investment guidelines; and the bankruptcy or liquidation of the Plan Sponsor.
7. Tax Status
The Plan is a spinoff of the J. C. Penney Corporation, Inc. Savings, Profit Sharing and Stock Ownership Plan (401(k) Savings Plan). The IRS has determined and informed the Company by a letter (determination letter) dated February 22, 2016 that the 401(k) Savings Plan and the related trust are designed in accordance with the applicable sections of the Internal Revenue Code (IRC).
The Plan Administrator believes that the Plan is designed and is currently being operated in material compliance with the applicable requirements of the IRC. If, and when, the IRS modifies the determination letter process to allow for determination letter application for spinoff plans, the Company intends to apply for a determination letter for the Plan.
The Plan evaluates the uncertainties of tax positions taken or expected to be taken on a return based on the probability of whether the position taken will be sustained upon examination by tax authorities. The Plan uses a more likely than not threshold
12
for recognition and derecognition of tax positions taken or to be taken in a return. The Plan concluded that it has no material uncertain tax liabilities to be recognized as of December 31, 2019. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
8. Form 5500 Reconciliation
There were no reconciling items between the net assets available for benefits as disclosed in these financial statements and the Form 5500.
9. Plan Termination
Although the Company has not expressed any intent to do so, the Company has the right to terminate the Plan and the related Trust at any time subject to the provisions of ERISA. In the event of Plan termination, affected Participants will become fully vested in amounts allocated to their accounts as of the date of the termination.
10. Risks and Uncertainties
The Plan and Master Trust invest in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits and Participant accounts.
Market conditions can result in a high degree of volatility and increase the risks and short-term liquidity associated with certain investments held by the Plan, which could impact the value of investments after the date of these financial statements. Due to uncertainties inherent in the estimations and assumptions process, it is at least reasonably possible that changes in these estimates and assumptions in the near term would be material to the financial statements.
11. Subsequent Events
(a)Freeze and Liquidation of Investments in Penney Stock Fund
•April 6, 2020, Freeze of New Contributions/Transfers Into the Penney Stock Fund
Given the Company’s deteriorating financial results in the wake of a general weakening in the retail sector, its poor stock performance, and the negative impact of the Coronavirus pandemic on the U.S. economy and global markets, Newport Trust, named fiduciary and investment manager of the Plan's investments in the Penney Stock Fund, made the decision that until the financial outlook for the Company improves, the Penney Stock Fund in the Plan would not accept any new contributions or transfers from other investment funds under the Plan. Newport Trust did not, however, decide to liquidate the Plan’s investments in the Penney Stock Fund at that time.
•April 30, 2020, Liquidation and Closure of the Penney Stock Fund in the Plan
Given the Company’s continued deteriorating financial results, its poor stock performance, and the negative impact of the Coronavirus pandemic on the U.S. economy and global markets, Newport Trust made the determination that the Penney Stock Fund is no longer prudent as an investment option under the Plan, and consequently decided to liquidate the Plan’s investments in the Penney Stock Fund and to remove it as an investment option under the Plan. As of April 30, 2020, Participant balances in the Penney Stock Fund in the Plan were fully frozen to all Participant activity, and Newport Trust began the orderly liquidation of the Plan’s shares in the Penney Stock Fund. At the conclusion of the liquidation, the proceeds were deposited in the Vanguard Target Retirement Trust closest to the Participant's assumed retirement age of 65, the default investment option provided under the Plan, until or unless the Participant directed the proceeds into another investment fund offered under the Plan.
(b)May 15, 2020 J. C. Penney Files Chapter 11 Petition to Implement Financial Restructuring Plan
The Plan is a defined contribution tax-qualified plan and funded with assets that are held in a separate trust outside of the Company and are not subject to creditor’s claims through court-supervised proceedings. The Company does not anticipate any change to the balances or any payments provided through the Plan as a result of the Chapter 11 filing.
13
J. C. PENNEY CORPORATION, INC.
SAFE HARBOR 401(k) SAVINGS PLAN
EIN: 13-5583779 Plan #006
Form 5500, Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2019
($ in thousands)
(A) Identity of issue, borrower, lessor, or similar party, description of investment (B) Description of Investment Cost Current Value Shares/Par Rate of Interest Maturity * Plan's interest in the Master Trust (a) $ 536,023 Self directed brokerage accounts (a) 2,578 Total investments 538,601 Notes receivable from Participants: * Participant loans, interest rates ranging from 4.25% to 9.25% and maturities through 2024 (a) 22,168 Total investments and notes receivable $ 560,769
* Party-in-interest to the Plan.
(a) Cost omitted for Participant-directed investments.
See accompanying report of independent registered public accounting firm.
14
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
J. C. PENNEY CORPORATION, INC.
SAFE HARBOR 401(k) SAVINGS PLAN
By: /s/ Steven Stark
Steven Stark
Plan Administrator
Date: June 29, 2020
15
INDEX TO EXHIBITS
Exhibit Number Description 23.1* Consent of Baker Tilly Virchow Krause, LLP
* Filed herewith.
16
Shoot can anyone clarify please is this bad or.........??
BRIEF-J C Penney - Q1 Loss Per Share $1.69
Reuters - Updated just now
June 30 (Reuters) - J C Penney Company Inc:
* J C PENNEY COMPANY INC - Q1 TOTAL NET SALES $1.08 BILLION VERSUS $2.44 BILLION; Q1 LOSS PER SHARE $1.69; Q1 TOTAL REVENUE $1.20 BILLION VERSUS $2.56 BILLION
* J C PENNEY COMPANY - CAUTIONS INVESTORS, POTENTIAL INVESTORS NOT TO RELY UPON Q1 FINANCIAL STATEMENTS, AS THEY WERE NOT PREPARED FOR PROVIDING ANY BASIS FOR INVESTMENT DECISION
* J C PENNEY COMPANY INC - RESTRUCTURING AND MANAGEMENT TRANSITION INCLUDES $139 MILLION RELATED TO ASSET IMPAIRMENTS FOR Q1 Source text for Eikon: https://bit.ly/2ZmckPU Further company coverage:
Glta
$$$$JCPNQ$$$$
$JCPNQ TWO frmr $AMZN execs with strong opinions and cases for an Amazon buyout!!! 💥🔥🦄 Brittain Ladd & Shantanu Verma@UnicornTrading1 https://t.co/zMendpLU1f pic.twitter.com/zymz6QSfiw
— 🍀Luck-e 33s🍀 (@goldnleaftrades) June 29, 2020
>>>>$$$$~PENNY’S~$$$$<<<<<<
RELEASE THE BEAST!!!!!
7 minutes of Booooom Time!
Glta
$$$$JCPNQ$$$$
$JCPNQ here is a list of top holders and investors
— Rɪᴘᴘʏ ⑇ (@StocksThatRips) June 29, 2020
Black Rock is the biggest, followed by Newport Trust then Vanguardhttps://t.co/krWpsSeB4N https://t.co/B5sRtwLyDz pic.twitter.com/9XsaJ7igwo
https://pbs.twimg.com/media/Ebr0N1sU8AAgtJl.jpg:large
Trade alert for $JCPNQ on speculation of buyout with potential big names like Walmart and Macy's, mentioned as a third party on page 14
— Rɪᴘᴘʏ ⑇ (@StocksThatRips) June 29, 2020
BlackRock and vanguard is still an equity holder
Court hearing July 1sthttps://t.co/T3SvzKHuac pic.twitter.com/5hZmzr7W1G
>>>$$$$~PENNY’S~$$$$<<<<
Current bid/ask:
.2684/.2749
Congrats all longs from here on and enjoy!
$$$$JCPNQ$$$$
Why Simon and Brookfield Want to Save JCPenney
By Les Shaver
June 29, 2020 at 07:38 AM
Having control of an anchor tenant makes a lot of sense if you want to remodel.
Reprints
Simon Property Group and Brookfield Property Partners’ interest in saving JCPenney, which filed for bankruptcy last month, has been well documented after being first reported by The Wall Street Journal.
This potential move makes a lot of sense, according to Eric Rapkin, the chair of Akerman’s Real Estate practice group. JCPenney is one of Simon’s top anchor tenants. By controlling the department-store chain, the mall owner can keep its anchor tenant and maintain occupancy since smaller retailers depend on larger tenants to drive foot traffic.
“I don’t think this will be a land rush for real estate owners to buy up their tenants who are going under,” Rapkin says. “But in certain situations where the retailer makes up a significant portion of a mall owner’s portfolio, and you can acquire them [the retailer] at a very attractive price in bankruptcy, there are a lot of good reasons to do it.”
By acquiring the anchor store, landlords don’t have to negotiate with a new owner.
“You’ve kept the rent flowing,” Rapkin says. “You’re also controlling the real estate [occupied by the anchor tenant] as opposed to someone else buying it.”
The ability to control the anchor tenant also has a trickle-down effect on smaller stores in the mall.
“If the anchor tenant is not open and operating some of those other tenants might have the ability to get their rent reduced or maybe terminate their lease,” Rapkin says.
Buying the anchor tenant also gives the mall owners options down the road if they want to redevelop their property.
“There are issues that you may have in those [anchor tenant] leases that you wouldn’t have with some of the smaller retailers,” Rapkin says. A company like JCPenney, depending on when they came into the mall, could have some pretty restrictive REA’s [Reciprocal Easement Agreements] that could be a stumbling block if you wanted to redevelop something.”
As an example, Rapkin points to Lerner Enterprises and The Tower Cos.’s experience at the White Flint Mall in Bethesda, Md. When the landlords started demolishing the property, Lord & Taylor, whose building sat next to the mall, sued. In the original 1975 agreement, the mall owners were to maintain White Flint as a “first-class” mall, according to Bethesda Magazine. The argument went that terminating leases and demolishing the property made it difficult to maintain a “first-class” mall.
A federal district court jury produced a $31 million verdict in favor of Lord & Taylor in August 2015. The Fourth Circuit Court of Appeals upheld that judgment in 2017, according to Bethesda Magazine.
“Lord & Taylor won a very large judgment because the mall owner needed the anchor’s approval to demolish the mall and make changes that the anchor would not go along with it,” Rapkin says. “They went ahead and started demolishing anyway. They rolled the dice, and Lord & Taylor took them to court and won.”
$$$$JCPNQ$$$$
$jcpnq latest qtrly financial statements. The EPS for the month ending 6/6/20 = (46)c, four months ended 6/6/20 = ($2.14). It was important for them to isolate month ending 6/6 because most stores were closed during the 4 months ended 6/6. Some takeaways for me here included
[9:41 PM]
[9:41 PM]
[9:41 PM]
[9:41 PM]
1. On an equity per share basis $jcpnq is trading at 61c. per share
2. Ended with $737M in cash but all of that was from proceeds on a credit facility draw down.
3. For the month ending 6/6 - we managed a $39M cash flow positive (Decreasing accrued expenses by $124M)
[9:41 PM]
4. I'm curious what $626M in other assets consists of. We need the footnotes but it remained consistent to LY so won't be hard to figure out reading last year's FS FN.
5. Total liabilities increased by $786M (by way of credit $1.9B credit facility draw down.)
[9:42 PM]
6. Good news is Shareholders Equity remains positive
7. $jcpnq closed at a $87M MC on Fri. so just using the most relevant month ending 6/6/20 total revenues and forecasting next 12 months,$273M x 12 months =$3.2B. $87M MC/$3.2B Est. Sales (P/S ratio) = a measily 3%! wow
[9:42 PM]
A measily 10% P/S ratio on $jcpnq would trade at $1.02! Remember $M was a 20% P/S at its lowest point during the pandemic and here we are giving it a lousy 10%..all while JCP proved their turnaround concept was working last year when they beat analyst estimates by 160%!
$$$$JCPNQ$$$$
>>>>>$$$$~PENNY’s~$$$$<<<<<<
$2++++ coming by Friday IMO
****Last Chance Jimi1717 to get in under .35****
Glta and a great Sunday!
$$$$JCPNQ$$$$
>>>>$$$$~PENNY’S~$$$$<<<<<
GREATEST volume first 60 minutes from past 5 days
BIG BOUNCE coming this afternoon IMO
Glta
$$$$$JCPNQ$$$$$
So if insiders are in deep sh!t,,, then wouldn’t that be negative for us,, I thought we were a team?
Glta
$$$$$JCPNQ$$$$$
Let’s see what Clay has to say for coming days
Glta
$$$JCPNQ$$$
Verrrrrrrrrru Unfortunate:))
LAST CHANCE Uptick to get shares under .40!!!!
Glta
$$$$JCPNQ$$$$
Halted ????????????
$$$$JCPNQ$$$
>>>>>>$$$$~PENNEY’S~$$$$<<<<<
Current Bid/Ask Ramping up!
.3397/.3399
Glta today!
$$$$$JCPNQ$$$$$
So Monday we aren’t finding out anything ??? Maybe hearing got rescheduled .
Gltu and all and a great weekend!
$$$$JCPNQ$$$$
$JCPNQ $JCP @stoolpresidente
He called it a few days ago, you want to be on the JCPenney rocket ship, new news yesterday, 3 more buyers/interested party, that were not in original list of 4 , so we have ourselves a bidding war. 7 buyers
??????
Wow 7 interested parties???!
Glta
$$$$JCPNQ$$$$
STORE CLOSING SALES ARE NOW UNDERWAY AT SELECT JCPENNEY STORES
COMTEX - Updated 6 hours ago
GlobeNewswire
A team of disposition firms consisting of Gordon Brothers, Hilco Merchant Resources, Great American Group (a B. Riley Financial company), and Tiger Group announced that they have commenced store closing sales at 137 J. C. Penney Company, Inc. (OTCMKTS: JCPNQ) stores across the United States. The closures are the Company's first step in implementing a planned store optimization strategy. As the Company remains focused on its Plan for Renewal transformation strategy and driving sustainable, profitable growth, it intends to reduce its store footprint and focus resources on its strongest stores and powerful eCommerce flagship store, jcp.com.
Throughout all closing stores, customers can take advantage of storewide discounts of 25-40% off original prices. All merchandise is on sale, including deeper discounts of 40% on all fine jewelry and window treatments. New seasonal essentials, such as swimwear and sunglasses, are also discounted at 25-30% off. All sales will be final starting June 25.
A spokesperson for the disposition group said, "Due to the name recognition and goodwill of this brand, we encourage consumers to shop early to take advantage of the best selection of products as we expect merchandise to sell very quickly. JCPenney store associates remain committed to providing customers with an engaging shopping experience, while offering even better deals on the most popular merchandise."
Closing Stores
JCPenney continues to monitor CDC guidelines, as well as state and local mandates, to inform its practices, taking extra precautions and going above and beyond those recommendations to ensure the safety of its associates and customers. The list of 137 closing stores, along with the safety precautions the Company is taking, can be found on the JCPenney Blog.
The stores are open Monday through Saturday from noon to 7 p.m. and Sundays from 11 a.m. to 6 p.m. The Company will also offer designated shopping hours for at-risk customers on Wednesdays and Fridays from 11 a.m. to noon. At-risk customers include senior citizens, expectant mothers, and those with underlying health concerns.
Other Stores Continue to Reopen
JCPenney continues to move forward with its strategic reopening plan with nearly all stores now open nationwide. The JCPenney flagship store, jcp.com, remains open to serve customers and now features an enhanced user experience.
Glta today!
$$$JCPNQ$$$
>>>>>>$$$$$~PENNEY’S~$$$$$<<<
AMAZON News leak????
Or Did Uptickme or Mr.Clean just back up the truck????
Glta and congrats!
$$$$$JCPNQ$$$$$
$inai
<<<>>>$$$$$~HTZ~$$$$$<<>><<>
Is a BEAST!!!!
New High of day power hour and after hour news update likely IMO
$$$HTZ$$$
Good job big guy!,,, a second trade,, 20cent gain ,, will hit the trigger for the second time,
Gl $inai
****UPDATE***
>>>>>$$$$~HTZ~$$$$<<<<<
UP. +$1.44/+73%with a pps of $3.32!!!
$inai
$$$HTZ$$$
Hertz Reportedly Mulling Selling $1 Billion Worth of Shares Amid Price Rally
MIDNIGHTTRADER - Updated 17 minutes ago
05:01 AM EDT, 06/12/2020 (MT Newswires) -- Car rental company Hertz Global (HTZ) reportedly wants to sell $1 billion worth of stocks to take advantage of an opportunity that is its stock price rally, the Wall Street Journal reported late Thursday.
The company's shares have seen some tumult in recent months in the wake of the COVID-19 pandemic. The highest trading price for Hertz shares in the past year was $20.29 per share as of February 20. In the wake of COVID-19 lockdowns, shares fell sharply, hitting a one-year low of $0.56 per share on May 26, just days after the company filed for bankruptcy protection.
Hertz' shares were up 51% at $3.07 per share in pre-market trade on Friday.
Price: 3.1200, Change: +1.06, Percent Change: +51.4
$$$HTZ$$$
>>>>>$$$$~HTZ~$$$$<<<<<
>>>>
$$$$$BEAST!!!!<<<<<$$$$
**** First of all a BIG Eff U to all the shorts and all your whining the past few days,, mocking anyone who bought high (me excluded),, very childish people on this board ,,,Over 17,000+++ chat boards on iHub and this is #1 for the most childish posts and real life personalities that exist.****
>>>>$$$HTZ$$$<<<< poised to be a Top 25 comeback stock for 2020 as stated in 3 articles online
$3.67+++ close into Power Hour
Trade smart and take profits when you feel the need,, no one can be trusted on a free iHub board preaching it is going to .15 (Orca) or .40 (Bigboard)
$inai
$$$HTZ$$$
100% spot on Big Guy!
Best of luck!
@ORCA: you are going to be sitting in sniffers row with a cane and no hair at the nudey bar if you are still thinking you are going to be getting those .15sss lol,,, order some Dolmathes, spanakopita, some strawberry cheesecake for dessert and have a few puffs while you still got some powder,, glad to see you finally gave up on that alliance group penney shell ,,this is not a penny stock nor will be so very surprised to see you make an appearance here???????
Gltu also
$inai
$$$HTZ$$$
>>>>>$$$$~HTZ~$$$<<<<<
$$$$HTZ$$$$. UP +.15/+6.2% after hours ,, another 1G Greenback I will take it,, shorts having a tough day today.
I already made reservations for the Keg and had special request for the bib to be ironed when I am eating the 12oz Sirloin with lobster and an extra tail,, shorts will be eating happy hour $1 sliders at Carl’s Jr. tonight ,,, who’s gonna be getting the bloody diarrhea???? Eh?
@Bigboard congrats on taking off the hat and getting a paid account no we have more entertainment :)))
>>>>>$$$$~HTZ~$$$$<<<<< poised to be Top 25 Nasdaq comeback stocks in 2020 and have read 3 articles to prove.
Keep it real shorts and a wonderful evening!
$inai
$$$HTZ$$$$$$
>>>>>$$$HTZ$$$$<<<<
BEAST!!! Enjoy the .20-50 cent swings ,, take profits and A is all ok!
>>>>HTZ$$$$<<<< poised to be Top 25 comeback Nasdaq stocks in 2020,,, articles I am starting to notice
Glta
$$$$HTZ$$$$
Come to JCP SM,,, we’re all having a blast ,, trying to find people on Craigslist for hire to hold $$$ bag for us daily... from here on because of imminent buyout,, it’s happening big guy .
GL
Did you make any money off Penney’s? 500% for me
Did you make any money of Chang coffe fraud company ,, caught the short squeeze and got money back PLUS some
Did I make any off this rental company,, will make lots with the next squeeze to $4,, everybody had their own strategy young feller,, the majority (8o%) of people on this board are people trying to make .10-.20+ cents while wearing the round hat on their head ,, (15% are shortest) and 5% are bag holders ,,100% true
Gl
$inai
Be careful u may use all your ‘free posts’ from your ‘free account’,, what are you going to do tomorrow? Where are u going to hide ‘if this bounces ???,,, I think the writing on the wall says it all AND the bitterness/HATE stuck deep inside you,, there is absolutely NO WAY in hell that you haven’t been holding since $20:))),, no one would be this angry at a company ,, I feel for you as I was in Groupn at $13 8 years ago and kept bleeding til $3,, good luck on your next board ,, keep it real and stay safe chief!
$inai