Why Shares of J.C. Penney Traded Up Today
Shares of J.C. Penney (NYSE: JCP) have been left for dead in recent years, down more than 85% since late 2016. But the stock gained more than 11% by midday Friday after third-quarter results suggested the troubled retailer still has a pulse.
J.C. Penney on Friday morning reported a third-quarter adjusted loss of $0.30 per share, significantly better than the $0.55 per share loss analysts had expected, on revenue of $2.38 billion, which came in short of consensus. The numbers indicate continued stress on the business. Comparable-store sales fell 9.3% year over year, and revenue was down 10% year over year.
Image source: Getty Images.
Source Fool.com
