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Actionable news in JCP: J.C. PENNEY COMPANY Inc,

J.C. Penney Rebuts New York Post, Restates Guidance


Three days after its stock plunged 8% on a New York Post report, and with earnings due out Friday, J.C. Penney (JCP - Get Report) rebutted by reiterating guidance to bring back investors.

The department store retailer said Monday it exceeded its earnings before interest, taxes, depreciation and amortization (EBITDA) expectations for the first quarter. It also reiterated it expects to achieve its full-year EBITDA guidance of $1 billion. For 2017, the company continues to see $1.2 billion in EBITDA.

Penney shares are currently up nearly 2% at $8.39.

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The New York Post reported Friday that J.C. Penney slashed payroll, froze overtime and frowned upon the use of the corporate credit card in April, which is the last month in the quarter, due to tepid...