David Abella, a portfolio manager at money-management firm Rochdale Investment Management, said the stock price drop may have created a buying opportunity. But he says he's holding off because he finds Penney's 20 percent drop in sales worrisome when many other retailers' enjoyed much better results.
"This only reinforces my skeptical feeling," said Abella, who added that he may buy Penney stock if he sees signs that shoppers are warming to the new pricing plan. "I haven't ever seen anything that bad in a decent market."
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