J.C. Penney Co., the third-largest US department-store company, jumped the most in three months in New York trading after saying third-quarter earnings exceeded its expectations and raising its annual forecast.
J.C. Penney advanced $1.82, or 6.2 percent, to $31.21 for the biggest gain since Aug. 7. The shares had risen 49 percent this year before yesterday.
Third-quarter net income fell 78 percent to $27 million, or 11 cents share, in the three months ended Oct. 31 from $124 million, or 56 cents a share, a year earlier..