In today's edition of "Talking Stocks," analyst Austin Smith takes a look at retail's hottest turnaround story right now -- J.C. Penney.

The company that was known for massive markdowns on top of markdowns backed away from its price-slashing ways when Ron Johnson took the helm. Its newly minted "fair and square" pricing strategy was expected to usher in a new retail era, but things haven't played out that way so far. The company realized abysmal same-store sales recently and has fallen off a cliff on ever-worsening reports. Now the company appears to be going back on its original plan and will be implementing more Friday sales days across the calendar year. For all the big backing and enthusiasm surrounding J.C. Penney's turnaround, this backtracking isn't encouraging.

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