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Non-Tech : j.c.penney -- Ignore unavailable to you. Want to Upgrade?

To: Yogizuna who wrote (45)	9/13/2000 4:42:50 PM
From: Triffin	Read Replies (1) \| Respond to of 111

JCP cuts dividend = buy signal?? PLANO, Texas, Sept 13 (Reuters) - No. 5 U.S. retailer J.C. Penney Co. Inc. (NYSE:JCP - news), suffering from weak sales and falling profits, on Wednesday said its board of directors cut its quarterly dividend to $0.1250 per share from $0.2875. The board felt the step was a necessary in light of current industry conditions and is consistent with its previously announced strategy to accelerate investments in the department store and drugstore businesses while maintaining the company's financial flexibility, the company said in a statement. J.C. Penney also said its decision was designed to provide a dividend competitive with its industry peers. In other action, the retailer formally elected Allen Questrom as its chairman and chief executive officer. Questrom, who was CEO of Barneys New York Inc., replaces outgoing James Oesterreicher. He will take up his duties on Sept. 15. Shares of J.C. Penney were off 10/16 at $13-15/16 in late afternoon trade on the New York Stock Exchange. Jim in CT ..