CUBAN NOW A PENNEY’S INVESTOR: Billionaire investor and entrepreneur Mark Cuban, who is also the owner of the NBA team the Dallas Mavericks and an investor on the television show “Shark Tank,” said in an interview on CNBC Friday that he has acquired 1 million shares of J.C. Penney Co. Inc.
Shares of Penney’s closed up 0.4 percent to $14.27 in trading on the Big Board Friday. The stock has steadily risen in the last few days, following investments by institutional investors Glenview Capital Management, Hayman Capital Management and Perry Corp.
This story first appeared in the September 7, 2013 issue of WWD. Subscribe Today.