J.C. Penney Co. surged 25 percent after forecasting an increase in annual revenue and margin expansion, prompting Chief Executive Officer Mike Ullman to predict its turnaround will be completed this year.
J.C. Penney Co., the 110-year-old department-store company, is “backtracking” on Chief Executive Officer Ron Johnson’s new pricing strategy with a 30 percent discount on clearance items, according to Deutsche Bank AG.
U.S. stocks rose, halting a five-day slide for the Standard & Poor’s 500 Index, as investors weighed better-than-forecast jobs growth to gauge the strength of the economy and timing of Federal Reserve stimulus cuts.
J.C. Penney Co., the retailer trying to reverse $1.6 billion of losses in the past year, sank the most in almost seven months after Goldman Sachs Group Inc. said its liquidity will be strained this quarter.
Wal-Mart Stores Inc. ’s prices rose in September to the highest level in at least 21 months, according to JPMorgan Chase & Co., as the world’s largest retailer scaled back discounts from earlier this year.
U.S. retailers’ September same-store sales topped analysts’ estimates, led by discount and specialty- apparel chains that benefited from back-to-school shopping, while department stores trailed projections.
Family Dollar Stores Inc. surged the most in more than 30 years in New York trading after investor Nelson Peltz offered to buy the retailer for as much as $7.6 billion, spurring speculation other suitors will follow.