J.C. Penney (JCP +6.5%) shares jump on news that Bill Ackman's hedge fund, Pershing Square...

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

J.C. Penney (JCP +6.5%) shares jump on news that Bill Ackman's hedge fund, Pershing Square Capital Management, acquired a 16.5% stake in the retailer, according to an SEC filing. CNBC reports that Pershing Square also has taken an 11% stake in Fortune Brands (FO +8.6%).