J.C. Penney Gains 4% On Optimistic Q2 Previews
Shares of J.C. Penney (NYSE: JCP) jumped 4.4 percent following analyst optimism on second quarter results.
Cleveland Research reported that they expect the company's second quarter sales trends to remain positive. The analyst highlighted that J.C. Penney's re-focus on private label apparel is helping to regain shares.
ITG Research sees J.C. Penney's results for the current quarter to come in-line or ahead of consensus. ITG remarked that its first look into the second quarter shows trends tracking well and possibly coming in ahead of expected Comp. trends.
The firm sees revenue coming in at $2.786 billion versus consensus of $2.78 billion. ITG expects Q2 same-store-sales to gain 6.2 percent versus consensus of 5.8 percent year-over-year.
Shares of J.C. Penney closed at $9.07 on Tuesday. The stock jumped 4.4 percent following Wednesday's opening bell. Shares are currently trading up 3.5 percent.
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