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J.C. Penney Falls as CEO’s Store Tour Gets Tepid Response

J.C. Penney Co. dropped the most in four months after Chief Executive Officer Ron Johnson’s showcase of the stores’ new layout failed to inspire confidence in his remake of the 110-year-old retailer.

The shares fell 11 percent to $25.83 at the close in New York, the biggest one-day drop since May 16. The Plano, Texas-based company was the biggest decliner on the Standard & Poor’s 500 Index today and has lost 27 percent this year.