Jan 25, 2012
Before Ron Johnson took the stage yesterday to unveil his revival plan for J.C. Penney Co. (JCP), William Ackman, the chain’s largest shareholder, vowed it would be the most important day for retailing in 25 years.
Investors differed, and the shares sank during Johnson’s 90-minute presentation. It was a signal that his plan fell short of the excitement that has followed Johnson since he became chief executive officer in June after turning Apple Inc. (AAPL) stores into the world’s most successful retail operation.
Maybe the stock sank during the speech, but it soared right after it. It closed on the 25th at 33.61. Five days later it was at 42.07.