J.C. Penney -1.6% pre-market, Craig-Hallum sees $0/share

|About: J.C. Penney Company Inc. (JCP)|By:, SA News Editor

Shares of J.C. Penney (JCP) continue to slide, -1.6% pre-market. Hurting their cause is an initiation at Sell by Craig-Hallum, which believes the equity is worth a big fat goose egg.

The firm thinks the retailer will never recover and expects it to burn through half its market cap in cash this year given the secular headwinds its department stores face.