not only is it shopping season, its short covering season as well. About 10m shorts covered last month. Projecting about 20 mil for this month.
Bass is joined by Richard Perry of Perry Capital, Larry Robbins of Glenview Capital, George Soros of Soros Fund Management and Chuck Royce of Royce & Associates (typically a small-cap manager), who all initiated a position in J.C. Penney in recent months.
Mario Gabelli of GAMCO Investors and Steven Cohen of SAC Capital Advisors also increased their holdings of J.C. Penney during the second quarter.
At some point a large interested party will propose a nice deal with JCP, only a matter of time. Lets not forget Ackman has a new pile of cash... Once one group announces interest, others will follow..
Short interest doubled over the last 2 months and stock price has been cut in half. Good profit for shorts.