Shares of J.C. Penney (JCP) closed higher by 5.99% to $4.60 on heavy trading volume on Tuesday, after it was disclosed in a 13F filing on Monday that alternative investment firm Saba Capital added the retail giant to its portfolio, taking a $1.4 million stake in the company, Barron's reported.
On Monday UBS issued a note to investors saying J.C. Penney was going to struggle going forward, following the company's poor fiscal first quarter earnings results. The biggest issue in the company's earnings results was a year over year decline in same-store-sales.
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