J.C. Penney Surges 16% After Holiday Sales Top Expectations

J.C. Penney Co. shares jumped 16% in after-hours trading on Tuesday after the mid-priced department-store operator said its fourth-quarter comparable sales will be at the top end of its forecast range of a 2% to 4% gain. Analysts surveyed by Retail Metrics were looking for a 2.7% increase. Penney also said its November and December same-store sales combined rose 3.7% from a year earlier. The company didn't give any profit or margin forecast.