NEW YORK ( TheStreet) - Retail sector stocks were mixed on Tuesday, following slight market gains from positive global manufacturing reports as well as a collective sigh of relief following the postponement of an imminent strike on Syria.
The S&P Retail Select Industry Index closed at 4030.92, gaining 0.26% on the day/
J.C. Penney (JCP) rose 1.9% to $12.72 after Kyle Bass of Hayman Capital Management revealed in a filing that the firm owns a 11.4 million, or a 5.2% passive stake in the troubled retailer.
The news was refreshing to investors following last month's Bill Ackman-JCP showdown, in which the hedge fund investor attempted to garner support to remove CEO Mike Ullman and Chairman Tom Engibous.The public battle ended with Ackman resigning from J.C. Penney's board of directors and now in the process of selling his entire 18% stake. As a result of the fight, J.C. Penney also implemented a so-called poison pill, making it very difficult for any future investors to own more than 10% of the company's common stock. Separately, Glenview Capital Management said in a filing on Tuesday after the markets closed that it more than doubled its ownership of J.C. Penney shares. The hedge fund now owns 20.1 million shares, or a 9.1% stake, of J.C. Penney. According to its more recent 13F filing with the SEC, Glenview owned about 8.4 million shares. Glenview is now the largest shareholder in J.C. Penney shares. Also see: J.C. Penney Drops as Ackman Selling Stake Also see: Williams-Sonoma Beats Earnings Estimates; Results Leaked Also see: Williams-Sonoma's Next Big Thing Williams-Sonoma (WSM) shares fell 0.8% to $55.94 following a downgrade on Tuesday by Canaccord Genuity analyst Laura Champine to "hold" from "buy." Williams-Sonoma "faces notable gross margin headwinds in
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