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


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.

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