In the last few months, numerous billionaire investors have clearly divided on the fate of iconic department store J.C. Penney Co. Inc. (JCP
). Joining six other billionaires selling out, Guru Bill Ackman
sold out his embattled position of over 39 million shares. Meanwhile, three more gurus made new buys in the second quarter of 2013, and four gurus made call options. In August, two guru stakeholders upped their shares significantly, and in the first week of September, Kyle Bass
made a splash buying 11,428,450 JCP shares.
Encouraged by his company’s back-to-school sales, Myron E. (Mike) Ullman III, chief executive officer of J.C. Penney, said last month, “Since I returned to J.C. Penney four months ago, we have moved quickly to stabilize our business - both financially and operationally - and we have made meaningful progress in important areas of the business. There are no quick fixes to correct the errors of the past. That said, we have identified the challenges, put solid plans in place to address them and have experienced and capable people in key roles to do so.” Continue Reading »