Shares in mid-market department store JC Penney surged more than 9 percent following the company's update on its shop-in-shop experience, before giving up those gains minutes later.
According to Chief Executive Ron Johnson, stores-within-stores that sell individual brands like Levi's are comping up more than 20 percent.
Shares closed flat at $29.09.
Brian Sozzi, C hief Equities Analyst at NBG Productions, has been following the day's event's closely. Below, some of his key points.
New shops inside JC Penney rocking +20% comps versus rest of store. And there is the number bomb in all reports in the AM. $JCP— Brian Sozzi (@BrianSozzi) September 19, 2012
Fundamentals now changing at JC Penney, getting the data. $JCP— Brian Sozzi (@BrianSozzi) September 19, 2012
I don't like comments on current business trends at JC Penney. Needing the coupons. $JCP $$— Brian Sozzi (@BrianSozzi) September 19, 2012
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- JC Penney