J.C. Penney Stock Soars After the Retailer Doesn’t File for Bankruptcy
J.C. Penney (NYSE: JCP) pulled a head fake with investors this morning after trading of the retailer's stock was halted so it could report some news.
Although everyone expected the troubled department store was going to declare bankruptcy, it instead said it had made the interest payment due on its term loan credit facility. When trading on J.C. Penney stock resumed, it soared 27%.
Image source: Getty Images.
Source Fool.com
