Shares dropped as the company had a very large loss. The company is working its way through "improvements" to make it more competitive with other chains.
Further Reading:
-http://www.forbes.com/sites/abrambrown/2012/11/09/investors-line-up-to-check-out-from-j-c-penney-after-203-million-q3-loss/
Further Reading:
-http://www.forbes.com/sites/abrambrown/2012/11/09/investors-line-up-to-check-out-from-j-c-penney-after-203-million-q3-loss/