Headlines

S&P 500 Demotes JCPenney

Department store organization has been reassigned to mid cap index

Published

10 years ago

November 25, 2013

steve kaufman

JCPenney Co. Inc. (Plano, Texas) has been removed from the Standard & Poor’s 500 Index.

S&P said JCPenney’s market value has fallen 37 percent this year to $2.7 billion, “making it more representative of the mid cap market.”

JCPenney shares have dropped 55 percent this year following two and a half straight years of quarterly losses, including $489 million last quarter, though the retailer has expressed confidence that a number of actions taken by Mike Ullman, restored as ceo in April, will lead to improved sales and profit margins during the holiday shopping season.

JCPenney’s was replaced on the S&P index by Allegion Plc. (Dublin), which makes residential and commercial door locks. The retailer will replace Aeropostale Inc. (New York) on the S&P MidCap 400 Index and Aeropostale, another struggling retailer, will move to the S&P SmallCap 600.

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