Ackman Sells J.C. Penney Shares, Tiffany’s Earnings Shine: Morning Buzzers
U.S. stock futures fell this morning as investors are worried about the possible effect U.S. intervention in Syria could have on the market. President Obama has come under increasing pressure to do more than just denounce Syria’s use of chemical weapons and take military action. Data on consumer confidence is due out later this morning, but analysts are expecting it to show that confidence fell during the month of July.
Futures at 8:30 a.m.: DJIA: -0.78% S&P 500: -0.91% NASDAQ: -1.06%
Here’s your cheat sheet to what’s buzzing this morning:
J.C. Penney (NYSE:JCP) former shareholder Bill Ackman’s Pershing Capital Square Management has sold all of its shares in the struggling retailer to Citigroup Inc. Citigroup is offering the stake to other investors at $12.90 a share. Ackman has spent three years trying to revitalize the company, but his efforts mostly failed and his J.C. Penney stock was weighing down the performance of the hedge fund. Ackman angrily stepped down from the company’s board two weeks ago.