Diamonds and Dogs
4/9/13J.C. Penney Company Inc. (JCP)
J.C. Penney is continuing its downward spiral today, down 12.29% at $13.92. The retail company saw its shares drop after news that the company fired its CEO Ron Johnson. Johnson was brought in just over a year ago to help shake up the company and turn it around. Unfortunately, Johnson had a less than stellar performance and was ousted. Making matters worse is the fact that J.C. Penney hired Myron Ullman, who actually was the company's CEO before Johnson. Ullman couldn't turn the company around before Johnson, and investors are clearly feeling he won't be able to turn the company around after Johnson. J.C. Penney traded to its 52-week low of $13.90 intraday.
First Solar Inc. (FSLR)
First Solar is shining today, up 45.77% at $39.42. The solar energy company saw its shares skyrocket after news that the company was making an acquisition. First Solar announced that it would acquire TetraSun, a solar photovoltaic (PV) technology startup. TetraSun has developed a break-through cell architecture capable of conversion efficiencies exceeding 21% with commercial-scale manufacturing costs comparable to conventional multicrystalline silicon solar cells. In other words, TetraSun developed a far superior product to anything currently on the market. CEO of First Solar Jim Hughes said, "This breakthrough technology will unlock the half of the PV market which favors high-efficiency solutions, which has been unserved by First Solar to date." First Solar hit a new 52-week of $41.00 intraday.