JC Penney Rises From the Ashes

(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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