J.C. Penney Rises After CEO Says Overhaul Is ‘On Track’

J.C. Penney Co. rose the most in more than six months after Chief Executive Officer Ron Johnson said his overhaul of the department-store chain is “on track” amid quarterly losses and plunging sales.

J.C. Penney climbed 5.9 percent to $23.40 at the close in New York, the biggest one-day gain since Jan. 26. Before Johnson’s remarks, the shares dropped as much as 12 percent as the company posted a $147 million second-quarter loss and said it wouldn’t meet its profit forecast for the year.