J.C. Penney narrows losses

J.C. Penney Company Inc. (NYSE: JCP) narrowed first quarter losses more than expected to $1.15 per share from $1.58 per share in the year ago period as revenue rose and the company reported a strong 6.2% gain in same store sales for the quarter. The stock price soared $1.36 to close at $9.73.

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