By  on September 29, 2013

Shares of J.C. Penney Co. Inc. hit a new 13-year low on Friday as investors digested its secondary stock offering of up to 96.6 million shares and wondered about its turnaround strategy.

The stock closed at $9.05 Friday, falling 13.2 percent, although the shares fell further in early after-market trading to $8.97. Shares of Penney’s had fallen even lower to $8.85 in intraday trading.

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