Colorado

Aug 20, 2013 8:26 PM by Joe Bevans

Department store hanging in

NEW YORK (AP) - The J.C. Penney Co. today reported its sixth straight quarter of big losses and steep revenue drops as it continued to face challenges related to a botched turnaround plan spearheaded by its ousted CEO Ron Johnson. But investors sent Penney shares up six percent to nearly $14 - after having pushed the stock down nearly 70 percent in the last 18 months - in an expression of confidence that returning CEO Mike Ullman has started to stabilize the business.

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