J.C. Penney soared the most in four months after the department store company said it will resume holiday-related promotions in another adjustment to Chief Executive Officer Ron Johnson’s pricing strategy.
The shares rose 9.3 percent to $21.01 in New York after earlier climbing as much as 9.9 percent for the biggest intraday gain since Sept. 19. The stock lost 2.5 percent this month through Monday and slid 44 percent last year.
Johnson, Apple’s former retail chief, has eased up on his everyday low pricing model after the company’s revenue fell at least 20 percent for the past three quarters. J.C. Penney will hold sales on popular items tied to “key events and holidays.”