Potential Martha dump impacts JCPenney stock
Home & Textiles Today Staff -- Home Textiles Today, September 6, 2013
New York - The market reacted to yesterday's NY Post assertion that JCPenney is unloading its merchandise deal with Martha Stewart Living Omnimedia by sending Penney's stock up 5.3% on Thursday and pushing MSLO's stock down 6.1%.
JCPenney's stock opened at $14.40 this morning but had come down to $14.26 at mid-day. MSLO's stock opened at $2.34 today, bounced around a bit, and was at about the same price at mid-day.
In yesterday's anonymously source story, the Post reported that JCPenney is severing its relationship with Stewart due to underwhelming sales - and to end an alliance that prompted Macy's to file suit against MSLO, with which it has an exclusive for Stewart-branded products in several home categories.
A ruling in that suit is expected soon.
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