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Why J.C. Penney Stock Jumped 23% Today

TheMotleyFool

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Why J.C. Penney Stock Jumped 23% TodayPhoto, wide shot, wide-angle lens, Restaurant, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.midjourneyapi.xyz/temp/6d1f34ee-79e7-4628-b30f-0a4597808d61.png

J.C. Penney (NYSE: JCP) shares were surging for the third day in a row today after investors continued to respond favorably to the retailer's decision to launch its own men's outdoor apparel brand, trying to grab a piece of a fast-growing segment.

The stock finished Wednesday up 23.8% following a gain of 18.8% the day before. Tuesday's announcement seemed to spark a short squeeze that boosted the stock for a second straight day as investors who had bet against the stock rushed in to cover their bets.

Image source: J.C. Penney.

Source Fool.com

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