JCPenney Shares Surge as Soros Reveals Big Stake

Finally, a spark of hope for floundering JCPenney. Shares of the retailer were up more than 6% in aftermarket trading today after billionaire financier George Soros disclosed a 7.9% stake in the company. Soros disclosed he owns about 17.4 million shares in a filing with the Securities and Exchange Commission. The SEC requires shareholders to disclose stakes of 5% or more in a company. Shares were up 98 cents, or 6.4%, to $16.22 in aftermarket trading, after ending 5 cents higher at $15.24. (More JCPenney stories.)