J.C. Penney Co. Inc. has the money to reinvent and the will to cut — everything from staff to vendors to marketing spending.
At least for now, Wall Street likes the message. Penney’s shares were the star performer in the retail sector Thursday, shooting up 18.8 percent on the New York Stock Exchange to $40.72 after chief executive officer Ron Johnson revealed his four-year road map to reinvent the chain and the retailer upwardly revised guidance for the year. The increase in its stock price was the highest for Penney’s in at least 30 years.
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