J.C. Penney Continues To Fall (JCP)

Shares of J.C. Penney Company, Inc. JCP continue to fall, down more than 2%, one day after the company enacted a poison pill plan to prevent it from a takeover. Yesterday, the century-old retailer enacted a poison pill plan that says 10% is the limit an investor can own in the company. Additionally, if someone owns more than 10%, they can not add to their stake. Vornado Realty Trust VNO owns 9.9% of the company, while activist investor Bill Ackman owns 16.5% of the company. Ackman is the head of Pershing Square Capital, a 7 member hedge fund which overseas approximately $7 billion in assets.