J.C. Penney (JCP) caught the requisite backing from Bill Ackman at the Value Investing...

|About: J.C. Penney Company Inc. (JCP)|By:, SA News Editor

J.C. Penney (JCP) caught the requisite backing from Bill Ackman at the Value Investing Conference as he praised CEO Ron Johnson, although perhaps a bit less vociferously than in the past. Ackman notes that the embattled exec is building a mall within a mall, but concedes that the areas of the store that aren't part of the shops concept are lagging. With a cost basis of around $25, it's a bit easier for Ackman than other JCP investors to look at the bright side: Next year's same-store comparable will be easy to match.