Bill Ackman is selling his entire J.C. Penney (JCP) stake, reports Reuters. That's 39M shares or nearly 18% of the company.
Update at 4:29: Ackman's Pershing Square has exited its entire 39M share stake in J.C. Penney, according to an SEC filing. The price received by Pershing is not yet known.
Shares -5.2% AH.