J.C. Penney has reported a net loss of $586 million, or $2.66 a share, for its second quarter. That compares with a $147 million net loss, or 67 cents a share, a year ago.

Same-store sales were down about 12% from the second quarter of 2012.
Some experts say the retailer is still struggling to recover from a failed merchandise strategy and store overhaul by former CEO Ron Johnson.

But – others are saying that investors sent Penney shares up 6 percent to more than $14 — after having pushed the stock down nearly 70 percent in the last 18 months — in an expression of confidence that returning CEO Mike Ullman has started to stabilize the business.