Penney’s biggest investor sells all shares for $12.60 each, losing about half his investment + MORE Aug 28th

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NEW YORK, N.Y. – J.C. Penney’s biggest investor and former board member Bill Ackman has sold his nearly 18 per cent stake to Citigroup for $12.60 per share, a discount to the stock’s recent closing price.
The regulatory form filed late Wednesday confirms that Ackman, who owns Pershing Square Capital Management, lost about half of his investment since buying Penney’s shares in 2010. Ackman paid on average about $25 per share.
Both Pershing Square and Penney said Monday that Ackman planned to sell all 39.1 million shares of the retailer that he owned. The move comes nearly two weeks after Ackman resigned from Penney’s board as part of a deal to resolve an unusually public battle between the activist investor and the struggling department store operator.
Shares fell more than 3 per cent, or 41 cents, to close at $12.76 per share on Wednesday.
The post Penney’s biggest investor sells all shares for $12.60 each, losing about half his investment appeared first on Canadian Business.

Wednesday’s headlines were filled with warnings that a U.S. attack on Syria may be imminent, and the markets have responded accordingly—pushing oil, for example, to its highest heights in over two years.
An American intervention in the Syria civil war is disconcerting, but financial advisors across Canada are reminding their clients to keep calm and, well, carry on really, even though it may seem like now is the time to start shuffling your portfolio.
As Stevan Dostanic, an investment consultant with Astrolabe Financial put it in an email: “We try to preach patience and have [investors] ignore the noise around them; the current escalation of the Syrian conflict being but one example.”
The flurry of market activity spurred by the headlines can make investors feel as though the situation requires action on their part, perhaps in the form of leaving certain investments behind in order to buy into “safe” assets such as gold. But this may end up doing more harm than good. Dostanic noted that a crisis may be a trigger to remove yourself from risky assets, but how will you determine when the time will be to get back in?
And when the dust settles, you might find that the safe assets you flew to in a knee-jerk reaction have fallen back to pre-crisis prices…