(Bloomberg Opinion) -- When research firm GlobalData surveyed Americans on which stores they were most looking forward to visiting once the Covid-19 pandemic subsided, one household name came out near the bottom, and well below its department-store peers: J.C. Penney. That helps to explain Friday’s late news that the retailer — which began life in 1902 as a store called The Golden Rule — filed for bankruptcy protection. Pushed to the brink by the coronavirus shutdowns, J.C. Penney Co. was seemingly left with no other choice. But years of struggle and strategic missteps had laid the groundwork.After securing $900 million of financing, J.C. Penney will stay open for now, and its next steps include closing some stores, cutting its debt by several billion dollars and looking at alternatives including a sale. Despite those planned survival efforts, it’s hard to see J.C. Penney having a vibrant future.Even before the coronavirus crisis, the retailer, with just under 850 stores in the U.S. and Puerto Rico, had battled to be...
The latest round of 13F filings from institutional investors is out, revealing to the world the stocks that some of the richest and most successful investors have been buying and selling.Takeaways From 13F SeasonInvestors who follow particular fund managers can easily look up what each was buying and selling in the quarter, but other investors may be more interested in overall themes from 13F filings. The first quarter of 2020 was the worst first quarter in the history of the S&P 500, so investors were particularly interested in how top investors played the dip. * Fund managers were dumping FANG stocks in the first quarter with a handful of exceptions. Tepper bought Netflix and Cooperman bought Facebook * Alphabet was one stock several fund managers were selling in the quarter. Tepper, Cooperman and Soros all reduced their holdings. * Einhorn and Ackman both bought Berkshire, while Buffett himself was buying PNC...
Activision Blizzard (NASDAQ: ATVI) releases a new "Call of Duty" title each year, creating controversy as hardcore fans lament the loss of past titles, new players jump into the casual multiplayer space, and esports professionals force themselves to re-learn a new game."Call of Duty: Modern Warfare" has been filled with mixed reviews despite breaking franchise records. It was the first title to feature in the Call of Duty League, and its new free-to-play battle royale addition "Warzone" has topped categories on streaming platforms like Amazon's (NASDAQ: AMZN) Twitch. 'Right In The Trash'Chicago Huntsmen player Seth "Scump" Abner slammed the AAA title in a team video where members of the NRG organization ranked each "Call of Duty" title."Trash. Right in the trash," he said. "If 'Warzone' didn't come out on this game, one of the worst CoDs ever made. Warzone saved this game so unbelievably hard. Have you ever played competitive? It's...
