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JC Penney Pops And Drops After Same-Store Sales Increase

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J C Penney Company Inc (NYSE: JCP) shares are trading lower by $0.37 at $8.32 in Wednesday's session. It traded up to $9.56 in the pre-market session when the company announced a surge in fiscal third-quarter same-store sales of 6 percent. Also, the company settled a class action lawsuit.

However, the Street is fading the good news in a big way. After a higher open, it immediately peaked at $8.88 and began to move lower. At this time, it is approaching the low its recent slide at $8.20, so far, reaching $8.24.

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

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