J.C. Penney's September sales disappoint

Shares of Plano, Texas-based department story chain J.C. Penney Co. Inc. (NYSE: JCP) fell by over 10 percent after the company warned on Tuesday its September sales were weaker than expected, according to The Associated Press.

The stock was trading at $8.10 per share Wednesday at 12:30 p.m., down 11.9 percent from a day earlier.

The retailer is trying to recover from an ill-executed transformation plan by former CEO Ron Johnson that resulted in falling sales. There have been some encouraging signs, however, as established locations posted sales growth of 6 percent last month compared to September 2013.

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