Options with 40 days to trade are currently implying a $2.85 range from now until expiration at a 68% confidence level. Meaning that there is roughly 19% upside or downside by April expiration, according to market prices. On a related note, the May 2013 $12 puts have over 62,000 options open; this may have a significant pull on the stock and serve as a magnet lower.
The name is an Ackman long and considering the challenges of turning around a 3 billion dollar company, this story will not go away any time soon.
Below is the JCP chart.
