JC Penney Keeps Luring Big Hedge Funds and 2 Other Hot Stocks to Watch
J.C. Penney Co. (NYSE:JCP): Current price $13.56
Bill Ackman is no longer on the scene at J.C. Penney, and now other hedge funds are buying big positions in the iconic retailer. A recent regulatory filing indicates that Kyle Bass’ Hayman Capital has purchased 11.4 million shares or a 5.2-percent stake in Penney. Now, Larry Robbins’ Glenview Capital Management revealed that it owns 20.1 million shares or 9.1 percent of the company. Last week, calling his investment a “failure”, Ackman divested his entire interest in the company at a huge loss. Meanwhile, shares are up some 6.7 percent Wednesday in very heavy volume.
Micron Technology, Inc. (NASDAQ:MU): Current price $14.61
On Wednesday, Micron Technology and Altera Corporation said that they have jointly demonstrated successful interoperability between Altera Stratix V FPGAs and Micron’s Hybrid Memory Cube. This tech achievement allows system designers to evaluate the benefits of HMC with FPGAs and SoCs for next-generation communications and high-performance computing designs.
The demonstration supplies an early proof point that production support of HMC will be delivered with Altera’s Generation 10 portfolio, in conjunction with market timing, and includes both Stratix 10 and Arria 10 FPGAs and SoCs. Separately, Micron shares are up 8 percent on word of a major fire that forced rival Hynix Inc. to cease operations at a factory in China, according to MarketWatch.
Francesca’s Holdings Corp. (NASDAQ:FRAN): Current price $17.92
Shares of the women’s clothing retailer are down 25 percent in very heavy trading Wednesday, as the company posted second-quarter results that missed analysts’ estimates. It was impacted by lower traffic and said that it forecasts this weakness to continue.
Francesca’s predicted a profit of between 19 and 21 cents per share for the third quarter, against consensus of 30 cents per share, said Thomson Reuters I/B/E/S. It also forecast current-quarter sales in a range of $78 million to $80 million, below market estimates of $89.7 million, and said that it projects comparable sales to decline by between 2 and 5 percent.