JC Penney Co., US, the third-largest department store chain, has plunged the most in three weeks in New York trade, after the retailer sliced its quarterly sales and profit forecasts on consumer spending slow.

JC Penney fell $ 3.80 or 9.4% to $ 36.72 at 10:27 pm in New York Stock Exchange Composite trade, after falling as much as 14 percent earlier. Revenues in the first quarter also at stores open at least one year, a high level.