J.C. Penney (JCP) Offering Was 'Oversubscribed' - CNBC

August 27, 2013 9:16 AM EDT
J.C. Penney Co., Inc. (NYSE: JCP) stock offering from Pershing Square was way oversubscribed, according to CNBC's David Faber. Hedge funds that wanted to take down large amounts of stock had to take less, he said. The comments suggest shares of J.C. Penney could find a base with Ackman now out of the stock and other hedge fund's betting on a turnaround.

Shares of JCP last traded at $13.08, down 2 percent.

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David Faber, Pershing Square Capital, Hedge Funds

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