JC Penney Is Ripping Higher (JCP)

<img style="float:right;" src="http://static6.businessinsider.com/image/530f5f3c69beddb84bb04e1e-483-362/jc-penney-24.jpg" border="0" alt="jc penney" width="483" />

JC Penney is up 21% to $7.21 per share.

After the closing bell on Wednesday, the department store chain delivered its first quarterly net profit since July 2011. Net income came in at $35 million or $0.11 per share.

But it reported a Q4 adjusted loss of $0.68 per share.

"The most challenging parts of the turnaround are behind us," CEO Mike Ullman said in the press release.

Here's a look at the five-day chart that shows the stock ripping higher.

<img src="http://static1.businessinsider.com/image/530f5e0feab8ea4c5a2a450e-1200-375/jcp-2.jpg" border="0" alt="jcp" />

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