Ackman's Pershing Square Sells Entire JCP Stake

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Ackman's Pershing Square Sells Entire JCP Stake

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Ackman's Pershing Square Sells Entire JCP Stake

Wochit 0:53 mins

Bill Ackman's Pershing Square has sold its entire stake in J.C. Penney. The hedge fund had been the largest shareholder in the struggling retailer's stock, owning 39.1 million shares, or 18% of the shares outstanding. Richard Schulze, the founder and largest shareholder of Best Buy, has informed the world's largest consumer electronics chain about his plan to start selling its stock starting this fall. Mexican Economy Minister Ildefonso Guajardo said Asia could become twice as important to Mexico as an export market over the next five years as the country strengthens trade ties with the fast-growing economies of the region.

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