Business briefs: J.C. Penney stocks jump

  • by: Wire reports
  • Updated: March 19, 2013 - 12:14 AM

J.C. Penney rose the most in six months after an analyst at ISI Group said the retailer could turn its top 300 stores into a real estate investment trust-like entity that would sublet space to other brands. Shares closed at $16.44, up more than 6 percent. A REIT operating under a separate name could be valued about $40 a share, Omar Saad, an analyst at ISI Group in New York, wrote in a note Monday.

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