Why J.C. Penney Stock Was Skyrocketing Today

Shares of J.C. Penney (NYSE: JCP), the ailing department store chain, soared today after the company surprised investors by making a $17 million interest payment that was due today. Reports had been circulating that the company was planning to file for bankruptcy, but the interest payment means that it will live to see another day.

The stock, which had been halted at the market open, jumped as much as 59% Friday morning, and was trading up 38% as of 10:49 a.m. EDT.

Image source: J.C. Penney.

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Source Fool.com