J.C. Penney Denies Rumors Of Credit Line Cut Off By CIT

J.C. Penney Company, Inc. (NYSE:JCP) denied rumors that CIT Group Inc. (NYSE:CIT) has pulled off support for small vendors, compounding a sharp drop in its same store sales.

James Covert of New York Post indicated the largest commercial lender in the U.S. apparel industry, CIT Group Inc. (NYSE:CIT), has abruptly stopped financing deliveries from smaller manufacturers to Penney stores.

UBS maintains sell rating

Michael Binetti and team at UBS Investment Research, however,...