"JCPenney reported today that the Company is pleased with its performance for the holiday period, showing continued progress in its turnaround efforts. Customers responded well to the Company's offerings this holiday shopping season, both in store and online."
The markets, on the other hand, are not pleased. The stock dropped 7% Wednesday despite the press release, continuing the company's long, slow decline. The company has lost 82% of its value since February 2012. JC Penney is in the midst of a turnaround begun last year after Ron Johnson was ousted as CEO and Myron "Mike" Ullman was rehired as Johnson's replacement in April 2013.
(Watch more: JC Penney shares plunge amid sluggish turnaround)
CNBC contributor Gina Sanchez, founder of Chantico Global, believes prospects are dim for the beleaguered retailer despite JC Penney's most recent press release.
"There was just nothing in that announcement," says Sanchez. "There's a great quote: 'Insanity is where you continue to do the same things and expect something different'. That's basically what JC Penney is doing. They rehired Ullman. They're reinstating brands that lost them money. They're wasting a tremendous amount of resources and effort on this Martha Stewart lawsuit."
Sanchez is referring to the JC Penney's ongoing battle with Macy's over the sale of Martha Stewart products after Macy's had an exclusivity agreement with the lifestyle queen.
"We're looking at a situation that just really isn't fundamentally different," says Sanchez of JC Penney's turnaround strategy. "I don't see how they're going to recapture the market share that they had. I think the stock goes lower from here."
Talking Numbers contributor Richard Ross, Global Technical Strategist at Auerbach Grayson, is also strongly negative on JC Penney based on the stock's charts.
"Do not own the stock, do not hold the stock, do not buy the stock," says Ross. "This stock remains a sell. The charts and the technicals continue to erode and that erosion is picking up steam as we get into 2014. I'd still be a seller here. I would avoid this name. I don't know any other way to say it."
Investors have many better choices than JC Penney, which was one of the worst performing stocks in the S&P 500 in 2013.
"This is a bull market," says Ross. "There are many other stocks and charts that I love that are working that should be profitable this year. This is not one of them. Don't waste your time on JC Penney. This is a sinkhole."
To see Sanchez on the fundamentals and Ross on the charts of JC Penney, watch the video above.
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