J.C. Penney Jumps Following Better-Than-Expected Results

J.C. Penney Midday Gainers

Today’s top gainers at midday trading are J.C. Penney Company, Inc. (NYSE:JCP), Towerstream Corporation (NASDAQ:TWER) and Zulily Inc (NASDAQ:ZU). The losers: dELiA*s, Inc. (NASDAQ:DLIA), Chico’s FAS, Inc. (NYSE:CHS) and Linn Energy LLC (NASDAQ:LINE).

J.C. Penney Makes a Surprising Rebound

Up +23.68%, today’s top midday gainer is J.C. Penney Company, Inc. (NYSE:JCP). Talk about coming out of left field. The retailer posted better-than-expected losses yesterday and offered positive guidance in terms of sales and growth, taking investors by surprise. J.C. Penney is still down -19.67 YTD, but the scenario isn’t looking as dismal as before. George Soros will certainly be pleased.

Following J.C. Penney is Towerstream Corporation (NASDAQ:TWER), the price of which increased +13.69%. Another Soros pick, the company provides broadband services to commercial customers. The small-cap firm won’t be reporting results until March and is down -7.43% YTD.

Rounding out today’s list is Zulily Inc (NASDAQ:ZU), up +13.65% midday today and 69.12% this year. Tiger Global holds a stake in the company, which impressed a couple of days ago with its EPS and other financial indicators that took analysts by surprise.

dELIA*s Dips

Leon Cooperman and Tiger Global pick dELiA*s, Inc. (NASDAQ:DLIA) is in the red today, down -8.33% after several days of gains. Short-term buyers are likely picking up some profits.

Chico’s FAS, Inc. (NYSE:CHS)  slipped as well today, the retailer falling -8.17%. Its Q4 2013 adjust net income was just $5.9 million, compared to $32.7 million during the same quarter in 2012. EPS fell from $0.20 to $0.04 as well. David Einhorn and Ray Dalio are shareholders of CHS.

Linn Energy LLC (NASDAQ:LINE), also a Cooperman bet, dipped -6.14% midday. It delivered results today, including strong cash flows above $31.5 million and increases in daily production, so the reasons for the decline aren’t clear.

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