=J.C. Penney (JCP) drops below $1

The day after Christmas, Penney shares dipped below $1 - hitting 99 cents - for the first time in the company's history.

Last month, J.C. Penney said sales at stores open for more than a year fell 5.4% in the third quarter, pushing the retailer to a wider-than-expected loss of 48 cents a share. The group also scrapped its full-year profit guidance.

At that time, CEO Jill Soltau, who took over the top position in October, said in a statement that "in spite of our overall sales results, I am encouraged by the recent underlying trends in key businesses such as women's apparel, active, special sizes and fine jewelry."

"We are making progress and taking the necessary steps to right-size our inventory positions to better support the brands and categories that are demonstrating profitable sales growth," said Soltau, who was most recently president and CEO of Jo-Ann Fabric and Crafts Stores. "While restoring J.C. Penney to sustained profitable growth will be a lengthy process, I understand the need for quick action. My commitment is that we will make sound, strategic decisions backed by data, and will always be rooted in delivering on our customers' wants and expectations."