Perry Corp. Lowers JCPenney Stake but Shares Rise and 2 Other Hot Stocks to Watch
J.C. Penney Co. (NYSE:JCP): Current price $8.89
Late Monday, the Hedge fund Perry Corp. said it has lowered its position in J.C. Penney to 3.28 percent, or 10 million shares, assuming the dilution effect of Penney’s 84-million share sale offering last week. Perry had just increased its position by 3 million shares to 19 million or 8.62 percent in late August following Bill Ackman of Pershing Square Capital Management divesting his 18-percent stake in Penney, conceding his failure in remaking the historic retailer. However, shares are up about 1.3 percent on Tuesday, perhaps attributable to bargain hunters. The gain follows the stock falling in 13 of the last 15 sessions to close at an almost 13-year low Monday.