J C Penney Company Inc Gains 7% Ahead Of Q3 Results

J C Penney Co. JCP traded up more than 7 percent Wednesday. just ahead of its release of third-quarter results expected to show continued progress in a grinding turnaround. The Plano, Texas department store shares traded recently at $7.72 a share, up $0.53 cents. The company last month cut its third-quarter same-store sales forecast to the low single digits, citing clearance sales. J.C. Penney had previously forecast same-store sales growth in the mid single digits. In the quarter ended Aug. 2 same-store sales grew 6 percent and its gross margin widened. J.C. Penney named Marvin R. Ellison president last month, with a plan to name him chief executive in August, replacing Myron E. Ullman III. Ullman was brought out of retirement last year to reprise his earlier role as chief executive and revive the company's flagging fortunes. Analysts expect a third-quarter loss of $0.80 cents a share, on sales of $2.8 billion. The company's year-earlier net loss was $1.94 a share, on sales of $2.8 billion.