Shares added 42 cents, to close at $15.87, during Monday’s regular trading session as Wall Street waited for word that Johnson was out, and the stock continued to rise in early after-hours trading.
However, once Penney’s confirmed that Johnson would leave and be succeeded by Myron (Mike) Ullman 3rd, Johnson’s predecessor, Penney’s surrendered its early after-hours gains.
By 5:35 p.m. EDT, after-hours gains that had stretched as high as 10 percent had been transformed into a 5.9 percent decline, 94 cents below the close at $14.93.
Even with the gains garnered before the close of the markets Monday, Penney’s shares are down 19.5 percent since ending 2012 at $19.71.
Prior to the conclusion of the Johnson drama at Penney’s, the S&P 500 Retailing Group picked up 1 percent to 731.97 Monday, outpacing the Dow Jones Industrial Average’s 0.3 percent increase to 14,613.48.
Even with Monday’s gains, shares are down 19.5 percent since ending 2012 at $19.71.
Two Los Angeles area firms, Joe’s Jeans Inc. and Pacific Sunwear of California Inc., were the biggest percentage gainers among apparel and retail stocks Monday, with Joe’s up 5.6 percent to $1.90 and PacSun ahead 5.5 percent to $2.29. Coldwater Creek Inc. and Oxford Industries Inc. also drew approval from the bulls, growing 4 and 3.2 percent, respectively, to $3.14 and $56.23.
Gainers outnumbered decliners by about a three-to-one margin in the world of publicly traded fashion companies Monday. Tandy Brands Accessories Inc. weathered the largest sell-off, falling 3.3 percent to 46 cents as it continued attempts at a restructuring after it fell out of compliance with the profitability covenants of its credit agreement with Wells Fargo.
Another Los Angeles-based concern, American Apparel Inc., shed 0.9 percent to close at $2.10.
European markets closed on an upbeat note after less-than-sunny performances last week. Paris’ CAC 40 and Frankfurt’s DAX led the way, both up 1 percent to 3,666.78 and 7,662.64, respectively. The FTSE 100 in London was ahead 0.4 percent to 6,276.94, while the FTSE MIB in Milan was slightly down at 0.1 percent to 15,243.39.
The pound traded at $1.51 against the dollar, while the euro was worth $1.31 and the Swiss franc fetched $1.07.
Retail and luxury stocks were mostly up, with the day’s strongest gainers including Yoox, up 3.4 percent to 14.74 euros; Mulberry, 2,7 percent to 9.55 pounds; and Compagnie Financière Richemont, 2.2 percent to 72.65 Swiss francs.
Among the stocks losing ground were Asos.com, down 1.3 percent to 31.57 pounds, and Safilo, 1.4 percent to 10.53 euros. Shares of ethical gemstone miner Gemfields took a tumble, dropping 15.9 percent to 0.25 pounds after it said it could be hurt by a possible ban by the Zambian government on selling stones outside the country.
“I think what’s so interesting about the #MeToo movement and this whole new wave of feminism in general, is that women are finally seeing, ’Oh I can start my own company, oh I can lear to code, oh I can leave my nine-to-five job and do the thing I want to do,” said @brooklyndecker ahead of her @sxsw talk for @createcultivate. The former model took the stage to share wisdom about networking and female-driven entrepreneurship. #wwdeye #sxsw (📷: @jgreenery)
“I was making the guacamole when my scout saw me,” says model @stuckinteenage on being discovered just six months ago while working at @chipotlemexicangrill. Since then Williams has signed with @dnamodels, walked in her first show at @calvinklein and landed on the cover of @vogueitalia – a high point of any model’s career. To read @lisajlockwood’s full interview with the model on her experiences thus far, head to WWD.com – link in bio. (📷: George Chinsee)
“I love the idea of dialogue, period. It’s where I’ve always gotten my inspiration from: hearing other women speak, their journeys and their paths,” said @hereisgina, who delivered the keynote speech at the @sxsw conference for @createcultivate, the online platform and conference series for women. For her two panels, Rodriguez chose female empowering, female-led and female entrepreneurs to focus on. Head to WWD.com to read more about her thoughts on Time’s Up, growing up in a family of women and why we “need a girls’ club.” #wwdeye #sxsw (📷: @jgreenery)
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.