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By Market News Video Staff, Friday, October 8, 10:55 AM ET
Investors found out this morning that Bill Ackman's fund, Pershing Square Capital, had taken sizable positions in both JC Penney (NYSE:JCP) and Fortune Brands (FO) during the third quarter. The fund now owns 11% of Fortune Brands and approximately 16% of JC Penney. On the news today, both stocks were sharply higher -- JCP up more than 5% and FO higher by more than 8%.
We'll be watching the Rydex S&P Equal Weight Consumer Discretionary ETF (AMEX:RCD) closely today as two of the fund's top three holdings are JC Penney and Fortune Brands. The volume on this ETF is typically light, though a larger purchase could certainly move the ETF higher.
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