News of George Soros Investment Lifts J.C. Penney Shares

George Soros, founder of Soros Fund Management LLC, takes a lift inside the congress center **Photographer: Simon Dawson/Bloomberg *** Local Caption ***
Simon Dawson/Bloomberg George Soros, founder of Soros Fund Management LLC,
NEW YORK -- Shares of beleaguered retailer J.C. Penney rose more than 6 percent in aftermarket trading on Thursday after billionaire financier George Soros disclosed a 7.9 percent stake in the company.

Soros disclosed he owns about 17.4 million shares of the Plano, Texas, department store operator in a filing with the Securities and Exchange Commission. The SEC requires shareholders to disclose stakes of 5 percent or more in a company.

Shares gained 92 cents, or 6 percent, to $16.16 in aftermarket trading, after ending 5 cents higher at $15.24.

J.C. Penney Co. (JCP) earlier this month fired its CEO, Ron Johnson, after 17 months on the job and rehired his predecessor Mike Ullman. An ambitious turnaround plan by Johnson had backfired and caused sales to plummet.

The chain has been burning through cash. The company last week said it would draw $850 million from its $1.85 billion revolving credit line to pay for replenishing inventory, particularly for its overhauled home area.

The stake makes Soros the fourth largest shareholder in J.C. Penney. The top shareholder is activist investor William Ackman's Pershing Square Capital, with a 17.8 percent stake.

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giyank1

Just cut the Jc Penny card up. Shop there no more.

April 26 2013 at 6:41 AM Report abuse rate up rate down Reply
Robert & Lisa

If Soros says he owns a stock, sell. The only reason he tells you is so it drives the price up so he can sell. Bet you he unloaded most of his stock as the price rose yesterday...

April 26 2013 at 5:40 AM Report abuse rate up rate down Reply
tippy301

'Shanda fur die goy,... abi gezunt.'

April 26 2013 at 3:48 AM Report abuse +1 rate up rate down Reply
tippy301

'Who will rid us of this meddlesome money changer?'

April 26 2013 at 3:37 AM Report abuse +1 rate up rate down Reply