Pershing sells entire stake in JC Penny, 39 million shares

Pershing Square Capital Management, L.P., announced Monday they are selling 39,075,771 shares of J.C. Penney Company, Inc. (NYSE: JCP) common stock owned by them. “J.C. Penney will not receive any proceeds from the sale of the shares by the selling stockholders in this offering,” Pershing said in a press statement.

The offering will be made under J.C. Penney's registration statement on Form S-3 filed with the Securities and Exchange Commission (SEC). Citigroup is acting as sole bookrunning manager and underwriter for the offering.

JCP shares are down 46 percent over the last 52 weeks (Aug. 27, 2012 to Aug. 26, 2013). This year alone, the stock is down 32 percent, closing Monday at $13.35 per share, down one percent for the day. JCP has a 52-week low of $12.34 and a high of $32.55.

Pershing Square Capital Management, L.P., based in New York City, is an SEC registered investment advisor to private investment funds. Pershing Square manages funds that are in the business of trading - buying and selling - securities and other financial instruments. Funds managed by Pershing Square have long positions in stock and other financial instruments tied to the performance of J.C. Penney's stock.

Disclaimer: This post is provided for information purposes only and should not be used as the basis for any investment decision. I am neither licensed nor qualified to provide investment advice. Keith Stein has no position in any stocks mentioned in this post. DCNewsroom has no position in any of the stocks mentioned in this post.

Alaska Airlines launches Portland/Atlanta nonstop service

Alaska Airlines inaugurated nonstop service between Portland, Ore., and Atlanta on Monday.

"With these new flights to Atlanta, our Portland-area customers will enjoy nonstop service to a great southeastern city as well as connecting opportunities throughout North America via our partner Delta Air Lines' hub there," said Joe Sprague, Alaska Airlines' vice president of marketing, in a company press release. "Alaska Airlines has added eight new routes from Portland within the last 12 months as we continue our expansion from the Rose City, which includes new service to Dallas-Fort Worth on Sept. 16."

Alaska is offering a one-way fare of $149 to celebrate the new service. “Fares must be purchased by Wednesday, require a 14-day advance purchase, and are valid for travel from Sept. 9 through Nov. 20,” the airline said.

Alaska Airlines, a subsidiary of Alaska Air Group, serves 95 cities through an expansive network.

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First Boeing 787-9 rolled out to flight line

The Boeing Company has completed the first 787-9 Dreamliner jet. The 787-9 is the second member of the super-efficient 787 family of passenger jets. The new aircraft was rolled out of Boeing's Everett, Wash., factory Saturday to the flight line, where teams are preparing it to fly later this summer.

“At 20 feet (6 meter) longer than the 787-8, the 787-9 will extend the 787 family in both capacity and range, carrying 40 more passengers an additional 300 nautical miles (555 kilometers),” Boeing said in a company press release. The 787-9 will burn 20 percent less fuel, releasing fewer emissions than similarly sized airplanes.

“With the second and third airplanes in final assembly, Boeing and the 787-9 are on track,” the company said. “First delivery to launch customer Air New Zealand is set for mid-2014.”

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NTSB releases preliminary data from UPS 1354 crash

National Transportation Safety Board (NTSB) member Robert Sumwalt holds third press briefing on UPS flight 1354 crash in Birmingham, Ala.

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Video: NTSB begins investigation of fatal UPS plane crash

The National Transportation Safety Board (NTSB) has launched an investigation into Wednesday morning's crash of United Parcel Service Flight 1354, an Airbus A300 (registration number N155UP), that crashed while on approach to Runway 18 at Birmingham International Airport in Birmingham, Ala.

NTSB Senior Aviation Investigator Dan Bower will serve as investigator-in-charge. NTSB Board Member Robert Sumwalt is accompanying the team and will serve as the principal spokesman during the on-scene phase of the investigation.

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Video: RockSat-X experiments launched aboard NASA rocket

A group of experiments developed by university students nationwide were successfully launched into space from Wallops Island, Va. at 6 a.m. EDT Tuesday aboard a NASA Terrier-Improved Malemute suborbital rocket.



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Student space experiments planned for launch from Virginia

A NASA Terrier-Improved Malemute suborbital sounding rocket carrying experiments developed by university students from across the nation is scheduled for launch Tuesday morning from the Wallops Flight Facility in Virginia.

The experiments were developed through the RockSat-X program conducted with the Colorado Space Grant Consortium. The goal of the RockSat-X program is to provide students a hands-on experience in developing experiments for space flight. This experience allows these students to apply what they have learned in the classroom to a real world hands-on activity. Approximately 40 students and instructors will be at Wallops to witness the launch.

The rocket is set for launch between 6 and 10 a.m. EDT.

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