By  on April 9, 2013

J.C. Penney Co. Inc. investors — already an ornery bunch — were uninspired by the return of Myron “Mike” Ullman 3rd as chief executive officer.

Shares of Penney’s fell 12.2 percent to $13.93 Tuesday, leaving the department store with a market capitalization of $3.06 billion. The stock price had already been cut in half during the 17-month tenure of former ceo Ron Johnson, which abruptly ended Monday.

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