The company also faces a huge foreign-exchange headwind that will likely further weigh down earnings.
Finally, the history of this company is that the shareholders and its directors are more patient than with most other companies (e.g., Yahoo! (YHOO)).
Bill Ackman is one of the most brilliant hedge-hoggers I know of, but he has a lot on his plate with J.C. Penney (JCP) -- he owns 40 million shares, which is not going swimmingly. (Ratings are being cut, and its merchandising gambit seems to be foundering. Cash flow pressures and even capital pressures at J.C. Penney are mounting.)
Confident in Oils
Originally published on Thursday, July 12 at 11:53 a.m. EDT.