J.C. Penney Stock Tanks, Hedge Funds Continue To Lose

Stock in J.C. Penney Company, Inc. (NYSE:JCP) lost more than 11% on today’s market after a new report form Goldman Sachs Group Inc (NYSE:GS) on the company’s credit spelled out a less than utopian future for the retailer. Hedge fund managers betting on the company’s stock over the last year have been losing money wholesale, and the problems may not be getting better any time soon. Bill Ackman, who led the charge on turning J.C. Penney Company, Inc. (NYSE:JCP) around, bowed out of that trade at the end of August. He took a more than a $400 million loss on the…