Kyle Bass Says He's Dumped His JC Penney Stake And The Stock's Taking A Beating

Kyle Bass' hedge fund Hayman Capital has dumped its stake in JC Penney, according to Bloomberg. As of right now, the stock is down 9% for the day.

Hayman announced its stake back in August, when investors like Bill Ackman were still in the stock as well. Since then Ackman has exited, and fellow hedge fund manager Richard Perry of Perry Capital has cut his stake in half.

JC Penney's sales surged in November, as the retailer is trying to pivot back to older brands and sales strategies that were disrupted when Bill Ackman tried to change the company after he bought a significant stake in JCP in 2010.

Here's the chart, from Yahoo Finance: