It's Monday, November 12th.

Welcome to Market Fullery.

I'm Chris Ellen joining me in studio today for Motley Full Inside Value, Joe

Maker, and from Motley Full One, Jason Moser.

Happy Monday, guys.

Hello, day on. A little bit of a slowish day today just because the

banks and the bond market are both closed in observance of Veterans Day, but we do have a couple

of deals we're going to talk about that went down today.

But we're going to start with J.C. Penny, because J.C. Penny reported earnings on Friday, sales down 27%.

The shares dropped on Friday. This morning Credit Swiss came out and

cut its price target on JCPenney from 40 to 15 and not surprisingly shares it down another 10%.

Joe... Sounds like those guys that credit squeeze are really on the ball.

I was going to say who targeted that for 40 in the first place? But I mean what do you think when you look at this company?

Well, we've talked on the show a lot about how big box retail is really behind the gun and

department stores in particular kind of in this place where it's really tough to differentiate and you're in this vicious cycle of

couponing to get people to come come in the store.

J.C. Penny was really locked into that addiction and Ron Johnson came in and tried

to wean them off that.

To his credit, a lot did need to change at J.C. Penny to turn the business around, But the strategy that he's taken of you know just

radically cutting off coupons, changing the makeup of the store, the layout of the

store, the marketing message, has just really turned off a lot of customers.

So there's just a lot of fewer people coming in the door and a lot fewer people completing

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