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J.C. Penney(NYSE: JCP) shares were surging for the third day in a row today after investors continued to respond favorably to the retailer's decision to launch its own men's outdoor apparel brand, trying to grab a piece of a fast-growing segment.
The stock finished Wednesday up 23.8% following a gain of 18.8% the day before. Tuesday's announcement seemed to spark a short squeeze that boosted the stock for a second straight day as investors who had bet against the stock rushed in to cover their bets.