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Keith just re-shorted JCP again in the virtual portfolio managing near-term risk around a very high conviction TREND and TAIL short idea. There is no change to our thesis on the name.

At $1.60 for the year, we remain 10% below consensus and bearish on the stock over the intermediate-term.

For more info on our thesis, see our Black Book, “JCP: What Ackmanists Are Missing.”

JCP: Shorting Again - JCP levels 9 9 11