Texas Hedge Fund Takes 5.2 Percent Position in JC Penney and 2 More Heavily Traded Stocks to Follow
J.C. Penney & Co. (NYSE:JCP): Current price $12.72
First it was Bill Ackman, and now it’s J. Kyle Bass owning a chunk of J.C. Penney. The Texas hedge fund manager adopted a positive view on J.C. Penney, revealing that his fund, Hayman Capital Management, accumulated a 5.2 percent stake in the historic retailer. Bass has joined an investment fund founded by George Soros and Perry Corp. in owning some of the largest positions in the retailer. Hayman Capital’s investment was revealed in a filing with the U.S. Securities and Exchange Commission on Tuesday morning, and word of his position comes a few weeks after Ackman, of Pershing Square Capital Management, stepped down from J.C. Penney’s board and sold his 18 percent interest in the company at a loss of close to $500 million. J.C. Penney shares are up more than 2 percent Tuesday.
Alcatel-Lucent (NYSE: ALU): Current price $2.86
Alcatel-Lucent shares are up 11 percent Tuesday afternoon on the possibility that the company might be a tempting target for the now-rich Nokia following the acquisition of its phones by Microsoft. The portion of Nokia that was not bought will refocus on mapping services, intellectual property dealings, and networking infrastructure, according to Anders Bylund at The Motley Fool, who said that Alcatel “would make sense as a buyout target for the newly cash-rich Nokia. Then again, putting these two turnaround efforts together would complicate both of them and probably achieve neither. So that’s a long shot at best.”
Rite Aid Corp. (NYSE:RAD): Current price $3.54
Rite Aid on Tuesday said that Tammy Royer, a longtime member of Rite Aid’s pharmacy unit, has been promoted to group vice president of managed care. In her new position, Royer will manage all aspects of managed care, including maintaining relationships with managed care organizations, contracting, pharmacy benefit managers and third-party payers, and developing new strategic partnerships. She will report directly to Senior Vice President of Pharmacy Services Chris Hall.