Ackman Down $100 Million On JCP Today: Who Else Is Getting Blowtorched On The JCP Cremation?
Remember when Whitney Tilson praised every drop in the price of JC Penney stock as a gift from heaven, give or take? Well the gods really are generous to the Sharpe ratio 0.000 asset manager of over a hundred million in stock call equivalents, all of which are now deeply underwater. Because if Tilson liked JCP at $27 one short month ago, he must absolutely love it at $21 where it is today after collapsing over 10% overnight. After yesterday's announcement of the departure of the company's president, the stock is getting blowtorched and is now down to 2 year lows. Someone else who better be doubling down is retail "genius" Bill Ackman who is down $100 million on the stock today alone, and will need to seriously defend his these or, well, else. Who else is getting pulverized? See below.
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