J.C. Penney Sinks After Holiday Report Lacks Sales Data
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J.C. Penney Co. tumbled after raising doubts about its turnaround by releasing a two-paragraph statement on holiday results that didn’t include sales data it had provided the previous three months.
The shares sank 10 percent to $7.37 at the close in New York for the largest drop since Sept. 27. Plano, Texas-based J.C. Penney slid 54 percent last year, bringing its market value below $3 billion and leading to its removal from the Standard & Poor’s 500 Index.