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Plano, Texas – Myron Ullman, CEO of embattled department store chain J.C. Penney, has reportedly bought $1 million of company stock. According to the Associated Press, Ullman purchased 112,000 shares at $8.95 apiece on or around Nov. 22.
The timing puts the purchase just before Dow Jones Indices announced Penney was being dropped from the S&P 500 index effective Nov. 29. Penney reported a net loss of $489 million for the recently completed third quarter of fiscal 2013, although it also reported its first same-store sales increase since December 2011 in October of this year.