Why J.C. Penney Company, Inc. Stock Soared

J.C. Penney Company, Inc. (NYSE:JCP) reported a smaller than expected loss, sending the stock higher by over 15% in early trading.

Lower than anticipated loss

The mass-market retailer reported a loss of $0.68 per share on $3.78 billion in revenue.  Wall Street had projected $0.85 loss per share on slightly higher revenue, expected at $3.85 billion.  A note of concern in the earnings statement was a one-time tax benefit as well as the gain from the sale of assets.

Sears Holdings, a direct competitor of...