Perry Buys 3M of Bill Ackman’s J.C. Penney Stake

J.C. Penney Company (NYSE:JCP) recently lost a major investor in Bill Ackman. The hedge fund manager sold his entire 18% stake in the company earlier this week to Citigroup Inc. (NYSE:C). One of the company’s other big investors, Perry Corp, appears to be stepping up to the plate today. A regulatory filing has confirmed that the fund bought 3 million of Ackman’s shares.

The 3 million share buy is just a small amount compared to the number Bill Ackman sold earlier in the week. His hedge fund, Pershing Square, parted with...