JC Penney stock surges after it announced better than expected holiday sales. NEW YORK (CNNMoney)
Despite the department store's recent struggles, J.C. Penney (JCP) said on Tuesday that its sales increased 3.7% during the November and December holiday sales.
The retailer also said it expects to report fourth-quarter sales at the high end of its previous range of 2% to 4%.
Those words were enough to send J.C. Penney's shares 16% higher to $7.67 in after-hours trading.
J.C. Penney investors can definitely use a dose of good news. Even if the stock opens at these levels, it would still be down by roughly a third since mid-September.
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First Published: January 6, 2015: 5:18 PM ET
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