J.C. Penney is a storied tale in U.S. retail. Its first store opened in 1902 in Kemmerer, Wyoming. That store is still open for business. But today shareholders had a rough day. The stock dropped 5%. The second steep sell-off in 2 days. The company has already had a terrible couple of months. The shares are down over 40% since March. Today the company spooked investors by sending out a chilling profit warning. Its Q4 profit will be $1.80/shr at the most. Previously the company said it would make $2.41/shr. Ouch! But don’t look to CEO Myron Ullman to take any responsibility for the company’s shoddy performance. He’s blaming everything on external factors. The weather, the funky housing market, high gas prices, Hollywood writer's strike (ok maybe not that one). During the conference call Ullman said “it’s not as if we got dumb all of a sudden”. Now that's eloquent.
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