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J.C. Penney's Management Looks Good, But Cash Flow Needs A Boost

Anticipating the release of second quarter earnings before Friday's open, TheStreet's Jim Cramer said J.C. Penney (JCP) is under good management, but to lift its earnings and possibly a dividend for shareholders, it needs to fix the balance sheet.

"J.C. Penney is very well run," Cramer said. "But what's happened again is that they steal the upside."

Shares of J.C. Penney traded up about 77 cents, or 8%, toward the end of the trading day Thursday at about $9.91 per share.

The 114-year-old company headquartered in Plano, Texas, has been headed by CEO Marvin Ellison...