Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of J.C. Penney (OTC:JCPN.Q) fell as much as 10% today, after announcing a massive third quarter loss.

So what: Revenue fell 26.6%, to $2.93 million in the quarter, and the company lost $123 million, or $0.56 per share. The worst part is that same-store sales fell 26.1%.

Now what: The only question is why shares didn't fall further? CEO Don Johnson tried to put a happy spin on the numbers, calling his company a start-up, in a way, but the reality is that the company is a dinosaur. I've never seen same-store sales numbers like that at such a big retailer, and I think this has "sell" written all over it. This stock is probably even a strong short candidate if you can find the shares to do it.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.