Penney’s stock drops on 4Q loss

Published Mar 1, 2013 at 04:00AM

J.C. Penney was the biggest loser Thursday.

Shares of J.C. Penney Co. plunged nearly 17 percent on Thursday, the largest decline on the Standard &Poor’s 500 index on that day.

The drop came a day after the department-store chain reported its fourth consecutive larger-than-expected quarterly loss on another steep sales decline.

Penney shares, which are now trading at around $18, now have lost about 60 percent of their value since January of last year after CEO Ron Johnson revealed his plan to ditch hundreds of sales in favor of everyday low prices.

After the announcement, investors had sent Penney shares up 24 percent to $43 as a vote of confidence.

— Staff and wire reports

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