By  on November 13, 2009

J.C. Penney Co. Inc.’s shares moved sharply higher Friday as investors looked past its 78.2 percent drop in third-quarter net income and focused on its improved margins and holiday outlook.

Myron E. “Mike” Ullman 3rd, chairman and chief executive officer, said the company’s sourcing operations were paying dividends in both merchandise and gross margins.

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