To many investors, J.C. Penney (NYSE: JCP) stock looks like a guaranteed loser. For example, my Foolish colleague Timothy Green recently described the bull case for J.C. Penney being that it is failing more slowly than longtime rival Sears Holdings (NASDAQ: SHLD). Indeed, J.C. Penney posted weak sales and earnings results last quarter and slashed its full-year earnings-per-share forecast due to the implementation of new accounting rules.However, while J.C.