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Hedgeye Director of Research Daryl Jones appeared on CNBC's Closing Bell this afternoon to discuss the news that investor George Soros has taken a 7.9% stake in JCPenney (JCP). Daryl says that you need to consider the fact that short sellers will be covering their positions when a big investor like Soros gets involved in a stock. The company has a lot of challenges ahead of it and it's best to stay on the sideline until the company's fundamentals improve.

Skip to 1:25 in the video to watch Daryl's take on the stock.