J.C. Penney (NYSE:JCP) is up more than 8% today after mixed earnings, which included positive same-store sales growth of 1% but a miss on earnings. Motley Fool Analyst Matt "The Pirate" Argersinger thinks most of the stock's upside is due to a promise from CEO Mike Ullman that earnings will continue to get better, and that the holiday season looks good for the retailer. J.C. Penney has been in turnaround mode for quite a while now, which is why the company's bottom line isn't showing the same strength its top line has. Despite the promise of a better tomorrow, Matt isn't fully sold on J.C. Penney just yet, and will be waiting and watching to see how the company does after the holidays.

Fool contributor Mark Reeth has no position in any stocks mentioned. Matthew Argersinger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.