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The retailer opened down more than 6.5 percent on Tuesday.
News broke last night that CEO Ron Johnson, who joined the retailer from Apple, had stepped down.
The stock initially rose on the news, but tumbled after the retailer said that form CEO Mike Ullman would step in during the interim period.
Johnson, who came one as JCPenney's CEO 16 months ago, was trying to turn around the retailer, but was unsuccessful.