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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

10/21/13

J.C. Penney Company Inc. (JCP)

J.C. Penney is continuing its downward spiral today, down 8.29% at $6.41. The clothing retailer saw its shares fall after Imperial Capital analyst Mary Ross-Gilbert slashed her price target on J.C. Penney shares to just $1, down from a previous target of $5, amid growing concern over whether the troubled retailer is headed toward bankruptcy. J.C. Penney has staunchly denied rumors about credit problems and bankruptcy, which have plagued the retailer for some time, saying it will end the year with $2 billion of easily accessible cash. The downgrade led investors to flee the stock, causing shares to hit a new 52-week low of $6.27 intraday.

Crosstex Energy Inc. (XTXI)

Crosstex Energy is skyrocketing today, up 67.82% at $34.57. The natural gas limited partnership saw its shares explode after news that Devon Energy would pour $4.8 billion of Midstream assets into Crosstex and create a new publicly traded MLP. For a controlling interest of 53% in the new company, Devon will contribute the $4.8 billion worth of midstream assets, as well as its equity interest in a newly formed subsidiary Devon Holdings and $100 million in cash. The deal helped shares of Crosstex reach a new 52-week high of $34.70 intraday.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.