Why J.C. Penney, Farfetch, and PG&E Jumped Today
Friday was a good day on Wall Street, as major benchmarks climbed on hopes for a resolution to the long-standing trade dispute between the U.S. and China. The two nations haven't yet come to any final deal, but White House officials were upbeat about the prospects for progress in resolving some contentious issues. Some stocks dramatically outpaced the market's gains, and J.C. Penney (NYSE: JCP), Farfetch (NYSE: FTCH), and PG&E (NYSE: PCG) were among the top performers. Here's why they did so well.
Shares of J.C. Penney rose 7% after the long-struggling department store retailer reported its third-quarter financial results. J.C. Penney still faced plenty of challenges, posting a 10% drop in revenue on a 6.6% decline in adjusted comparable-store sales. However, the company's net loss for the quarter narrowed from year-ago levels, and CEO Jill Soltau pointed to promising early results from J.C. Penney's efforts to build traffic and offer a better merchandise mix and customer experience. The retailer still has a long way to go, but investors were glad to see at least some incremental progress during the quarter.
Image source: J.C. Penney.
Source Fool.com
