BOUNCE

[cintrix]

JCP down 10%: MW J.C. Penney shares plunge, 'floor' is $1: Citi
NEW YORK (MarketWatch) -- J.C. Penney Co. Inc. (JCP) has a total liquidation value of $324 million or $1 a share, according to a note from Citi released Wednesday. The firm maintained its sell rating on J.C. Penney but lowered its price target to $7 from $11. "The turnaround is taking longer than we anticipated, and we are concerned about a softening macro environment combined with deteriorating vendor relationships (due to weak volumes and growing anxiety about on-time payments during and after holiday)," Citi analysts led by Deborah Weinswig wrote in a note Wednesday. That comes as Goldman Sachs on Wednesday recommended buying credit-default swaps on several of the retailer's outstanding debt. J.C. Penney shares tumbled nearly 7% in premarket trade Thursday, extending prior-day losses that pushed shares to levels unseen in more than 12 years. -Saumya Vaishampayan; 415-439-6400; [e-mail] Subscribe to WSJ: http://online.wsj.com?mod=djnwires (END) Dow Jones Newswires 09-26-13 0725ET Copyright (c) 2013 Dow Jones & Company, Inc.