JC Penney Rises From the Ashes

By ABC News

May 16, 2014 9:46am
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(Ben Torres/Bloomberg/Getty Images)

Morning Money Memo …

ABC News’ John Kapetaneas reports:

JC Penney has seen its stock soar nearly 20 percent in after-hours trading after reporting net sales of $2.8 billion as compared to $2.64 billion in the first quarter of 2013.

Although the company is not turning a profit, losing $352 million in the last year, investors and company executives appeared optimistic at their outlook.

“It is clear that our efforts to re-merchandise many areas of the store and revamp our messaging to the customer are taking hold,” CEO Mike Ullman said in a release.

The company had lost 11 percent of its value since this time last year, and nearly 91 percent since it’s high in 2007.

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Representatives for the company could not immediately be reached for comment.

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‘Godzilla’ Looking Like a Monster at the Box Office

The destructive lizard has gotten a new look for 2014, and the results could be spectacular. The $160 million blockbuster could gross $70 million in weekend ticket sales, according to some estimates. It will be competing with Disney’s “Million Dollar Arm” and last week’s box office king, “Neighbors.”

SHOWS:
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