JC Penney's Ullman Gets a Nasty Welcome Back

Posted on 10 Apr 2013 by Forager

Investors are a friendly bunch, aren't they?

On Monday afternoon US retailer JC Penney (NYSE:JCP) sacked chief executive Ron Johnson and the shares rose 17% in after hours trading. Then they announced ex boss Myron Ullman was returning to the fold and the shares plummeted 20% and another 10% once the market opened on Tuesday. Welcome back, old friend.

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