JCP options...JCP reported a decrease in same store sales of 2.4% for the last 5 weeks due to unfavorable weather and housing conditions. Premarket trading is now 64 a share vs. 68 close yesterday. They also lowered 3q eps, but gave a positive outlook for holiday season shopping.
I expect them to hit a yearly low from this, down in the 60-61 range...if it hits 61, which would probably be tomorrow or monday, I'm pulling the trigger on an option for MAR 08. I am unsure of strike price yet, but it has had much resistance in the lower 60's so unless it breaks through resistance I see it bouncing up fairly quickly.
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