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October 15, 2013 AT 1:19 PM
(Reuters) - A J.C. Penney Co Inc spokeswoman denied a market rumor on Tuesday that the department store chain had hired bankruptcy counsel, as shares slid as much as 8.3 percent. Penney spokeswoman Kristin Kays said there was "no truth to the rumor," origins of which were unclear. Shares were down 7.4 percent to $7.29 in afternoon trading in heavy selling, including a high number of large block trades. Some 32.5 percent of Penney shares are held short by investors betting against the company's stock rising, making the issue volatile. ...