J.C. Penney Rises After CEO Says Overhaul is ‘On Track’

J.C. Penney rose the most in more than six months after Chief Executive Officer Ron Johnson said his overhaul of the department-store chain is "on track" amid quarterly losses and plunging sales. J.C. Penney climbed 6.7 percent to $23.58 at 9:55 a.m. in New York and earlier added as much as 11 percent for the biggest intraday gain since Jan. 26. The shares dropped as much as 12 percent in pre-market trading after the company reported a $147 million second-quarter loss and said it wouldn't meet its profit forecast for the year.