Reports Icahn Accumulates Large Stake in J.C. Penney (JCP)
According to reports from WSJ's Deal Journal blog, activist investor Carl Icahn has accumulated a large stake in retailer J.C. Penney (NYSE: JCP). A person familiar with the matter said the stake is now among Icahn's top five holdings.
The article said there is no guarantee that Icahn will agitate for changes at the company. If he does, he may suggest the company buy back stock will money raised from borrowing or selling real estate.