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Not quite sure I'm ready to jump on the JCP boat just yet. I'm curious how all those shares will price.
Those 39 million shares are 17% of the company with 220 million shares outstanding...83 million float...45% potential increase to float....granted that most of those shares won't go to the float since they will get locked up by institutions. Still numbers like that make me nervous.
If it prices at a discount, trades down to test that level, and bounces then I would entertain the long side.
Edit:
Surprised that it appears to be pricing at $12.90, expected more of a discount, apparently like a lot of people because that news bounced the stock 3%.
There is 12.90...touch but no break thus far Will be interesting to see if it holds. I'd rather see it blow through it before the offering is finalized to get the best downside bang.
I've got some crapshoot January put options on this thing, but will consider long if it appears to stabilize.
