Is J.C. Penney back from the dead? Market watchers eyed the company as it posted strong quarterly earnings. It beat both on the top and bottom lines, improving gross profit and its adjusted EBITDA, according to analysts at Zacks Investment Research. In the past week, after reporting results, the stock soared 36 percent.
This is Penney's fourth beat in a row, according to the Zacks analysts. Still, the stock has more than halved in the past five years. Whether this turnaround is bound to stick or not, the retailer is a far cry from its position a decade ago. In the same vein, its new CEO, Marvin Ellison, told CNBC that the company is not interested in reiterating its highs.
"The focus is great shareholder value and shareholder return," he told "Power Lunch" on Monday. "We want to run a profitable company that grows sales, but grows sales in a profitable way," he said, noting that getting back to its pinnacle "would be fabulous."