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J.C. Penney Reports First-Quarter Loss Amid Sales Slump

J.C. Penney Co., the department-store chain led by Apple Inc.’s former retailing chief, dropped the most in more than three decades after posting a first-quarter loss and sales that fell more than analysts projected.

J.C. Penney tumbled 20 percent to $26.75 at the close in New York, the biggest drop since at least July 1980 and the largest decline on the Standard & Poor’s 500 Index today.