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 While Motorola Inc. begins to buckle with its announcement that it will consider a sale of its handset business, it seems financier and activist investor Carl Icahn has found his next target: J.C. Penney Co. According to reports from The Wall Street Journal citing unnamed sources, Icahn has accumulated a large stake in the retailer, so large in fact it's reportedly among his top five holdings.
The article said there is no guarantee that Icahn will agitate for changes at the company. But if he does, he may suggest the company sell real estate in order to buy back shares. An Edgar search shows that Icahn hasn't filed yet with the SEC. J.C. Penney wouldn't be his first retail investment. According to SEC records, Icahn also owns a stake in Children's Place Retail Stores Inc. As for Motorola, the company is reviewing its businesses. Last year, Icahn waged a proxy battle in an attempt to win a seat on Motorola's board. Although he lost, his campaign has effected some changes at the company, including last year's departure of CEO Ed Zander. - Matthew Wurtzel See J.C. Penney story from The Wall Street Journal Categories Deal Video
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