JC PENNEY SHARES EXPLODE HIGHER

CNBC is reporting that Ron Johnson is out as CEO of JC Penney.

As soon as the headline crossed, shares of JCP spiked by more than 10 per cent. They’re now up by around 6 per cent.

More to come…

Here’s a look at the after-hours action from MarketWatch:

jc penney

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.