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J.C. Penney dropped from S&P 500 index

J.C. Penney is getting booted from the Standard & Poor's 500 index after losing more than half of its market value this year.

The retailer is being replaced by Allegion Plc, a provider of security for homes and businesses, according to a statement released by S&P Dow Jones Indices Friday.

The retailer's downward spiral began during an ill-fated transformation strategy under former CEO Ron Johnson, who was fired in April after 17 months on the job.

The company's stock has rebounded during the last month. There are signs that the retailer's business is stabilizing under Chief Executive Mike Ullman. However, the change isn't enough to keep J.C. Penney in the index.

J.C. Penney's stock has fallen $10.84, or 55 percent, to $8.87 this year.