Reuters: Global Markets: J.C. Penney shares spike on report sales improving in August

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J.C. Penney shares spike on report sales improving in August Aug 14th 2013, 20:18 Tweet Share this Email Print Related News UPDATE 3-Macy's sales fall as middle-class shoppers stay cautious 2:16pm EDT RPT-INSIGHT-JCPenney's 100-year bonds swoon amid retailer's turmoil 6:59am EDT UPDATE 5-Ackman quits J.C.Penney board, removing distraction Tue, Aug 13 2013 US STOCKS-Futures point to higher open on bargain-hunting Tue, Aug 13 2013 US STOCKS-Futures rise ahead of retail data,J.C. Penney up early Tue, Aug 13 2013 Analysis & Opinion Penney costs Ackman $700 million Related Topics Hot Stocks » Asian Markets » The sign at the entrance of a J.C. Penney store is pictured in Arcadia, California March 1, 2013. Credit: Reuters/Mario Anzuoni Wed Aug 14, 2013 4:18pm EDT (Reuters) - J.C. Penney Co Inc (JCP.N) shares rose in late trading on Wednesday after the New York Post said on Twitter that same-store sales are positive so far this month, citing sources. Penney shares, which have lost a third of their value this year on fears about the department store chain's prospects, had been up slightly for most of the day before spiking near the end of the trading session after the tweets were published. The shares closed up 3.4 percent at $13.11. The New York Post, citing sources, said traffic and sales have improved this month as a result of an increase in advertising. Penney representatives did not immediately return a request for comment. Penney, whose sales fell 25 percent last fiscal year after it stopped offering discount coupons, is expected to report a 7.4 percent drop in same-store sales for the quarter ended August 3 when it publishes its results on Tuesday, according to Thomson Reuters I/B/E/S. (Reporting by Phil Wahba in New York) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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