Ackman Readies to Unload J.C. Penney Shares, Sarepta Gets a Boost, and 3 More Hot Stocks
J.C. Penney (NYSE:JCP): Bill Ackman’s Pershing Square has worked out a registration rights agreement with J.C. Penney to allow the sale of blocks of shares. Pershing held a 17.7 percent stake in the retailer by the most recent tally; no indications have been given regarding the timing or amount of shares that Ackman wants to move off his books.
Sarepta Therapeutics (NASDAQ:SRPT): Shares are up nearly 6 percent as investors take in implications from Phase II trial data from GlaxoSmithKline (NYSE:GSK) and Prosensa’s eteplirsen competitor drisapersen. “While SRPT and GSK use different definitions for what counts as a dystrophin response (this may be key),” Seeking Alpha points out, ”it’s worth noting that at continuous and intermittent 6mg/kg doses, increases from baseline on at least one of three assays were observed in 72 percent and 59 percent of patients for drisapersen, while SRPT claims a 100 percent effect with eteplirsen.”
Walt Disney Co. (NYSE:DIS): Disney is launching its Infinity video game products this weekend, which features Pixar characters Buzz Lightyear and Sulley squaring off against a legion of movie villains, Bloomberg reports. The system combines collectible figures with onscreen play, and for CEO Bob Iger, “represents the best shot at reviving his only unprofitable division.” Infinity allows “players set plastic characters from Disney’s “Pirates of the Caribbean” or “Monsters” movies on top of the unit,” Bloomberg writes, and the figures will then ”appear on screen as game characters.”
JPMorgan Chase (NYSE:JPM): The 60-story 1 Chase Manhattan Plaza location in lower Manhattan could rake in more than $1 billion, as it offers 2.2 million square feet of office space that is mostly taken up by the bank. However, the property would come mostly vacant, though JPMorgan hasn’t revealed where its employees are being relocated to. It’s not the bank’s first attempt in selling the tower — a poorly timed effort in 2009 fell through — but now some properties are bringing in even more than they did during the pre-crisis boom.
Best Buy Co. (NYSE:BBY): Best Buy has initiated a new trade-in program for iPhone owners under which an iPhone 4S can be exchanged for a $200 gift card, while an iPhone 4 will fetch a $100 credit on a gift card or new iPhone 5 purchase.