Reuters – Activist hedge fund investor William Ackman may be off the board of J.C. Penney Co. Inc., but concerns about the U.S. department store chain’s prospects have pushed bearish bets to record levels in the U.S. options market.
With Mr. Ackman stepping down from Penney’s board on Tuesday [Aug. 13] after a public spat with fellow board members, the focus is shifting to the company’s quarterly earnings due on Aug. 20.
