J.C. Penney Jumping After Naming New CEO

(RTTNews) - Shares of J.C. Penney Company Inc. (JCP) are seeing significant strength in afternoon trading on Wednesday, with the department store chain surging up by 11.3 percent. J.C. Penney is bouncing off the record closing low set in the previous session.

The rebound by J.C. Penney comes after the company named former Jo-Ann Stores executive Jill Soltau as its new CEO. Soltau succeeds Marvin Ellison, who left J.C. Penney this past summer to become the President and CEO of home improvement retailer Lowe's Companies, Inc. (LOW).