NEW YORK (AP) — J.C. Penney Co. shares soared nearly 19 percent Thursday after the department store chain delivered a 2012 profit outlook that was well above analysts' projections. The guidance signaled that the chain's profit won't be hurt as Penney embarks on an ambitious transformation plan over the next four years. The company expects adjusted earnings per share to be at least $2.16 for the fiscal year, above analysts' $1.60-per-share estimate, according to FactSet.
Penney shares soar on upbeat outlook for 2012 following pricing strategy shift