JC Penney Shares Erase An 8% Gain

Shares of J.C. Penney got as high as $14.39 this morning, up 8.8% from yesterday's close of $13,22.

But all of those gains have disappeared.

Earlier today, the troubled department store reported Q2 sales that missed expectations and a net loss that was much wider than expectations.

"Comparable store sales declined 11.9% in the quarter, and were negatively impacted by the Company`s failed prior merchandising and promotional strategies, which resulted in unusually high markdowns and clearance levels in the second quarter," said management in its earnings announcement this morning.

Here's JCP's intraday chart via Bloomberg.