From Reuters: Noted stock picker William Ackman had a decidedly gloomy day on Thursday: Two of his most high-profile bets were moving fast, but in the wrong direction for the hedge fund manager and investors in his $12 billion Pershing Square Capital Management.
The day started with news that the shares of retailer J.C Penney, in which Pershing Square is the largest investor, tumbled as much as 22 percent in the wake of disappointing earnings news. The shares closed down about 17 percent at $17.57. The second blow came hours later when Herbalife Ltd - in which Ackman made a $1 billion bet its shares would fall to zero - invited two representatives of arch enemy Carl Icahn onto its board. The company's shares ended the day 7.6 percent higher at $40.29 after the announcement….
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