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.
