Jim Lebenthal Sells J C Penney Company Inc And Buys BP plc (ADR)

, Jim Lebenthal spoke about recent changes in his trader competition portfolio. Lebenthal decided to sell

, which had a bad earnings report on Thursday evening. He didn't sell it immediately because the stock showed some signs of strength on Friday. It closed the session on Friday below its daily high and Lebenthal interpreted that as a selling sign. The stock gained 31 percent in two months and he didn't want to be greedy.

is the latest addition to his portfolio. He explained that he bought it because it is very cheap and because there is a lot of optionality in the name. It is cheap because it trades almost at a book value and he thinks that it is impossible to recreate

for book value. The company pays 5.8 percent dividend yield, added Lebenthal. When it comes to optionality, he named a possibility of increase in crude oil prices, improvement in Russia's situation and a potential of a positive outcome for some of the Macondo oil well spill liabilities as a possible catalysts for a move higher. Lebenthal thinks that there