Happy Tuesday. Repeat after me: Fed Chairman Larry Summers. There, that wasn't too bad, was it? On to the six-pack:
Bill Ackman recently admitted that "retail has not been our strong suit." Well, duh and double-duh! The head of Pershing Square Capital has decided to cut his losses and quit his stake in JCPenney—a little late for a back-to-school sale, but probably prudent nonetheless.
One of Ackman's chief nemeses, meanwhile, was likely popping some serious cork Monday. To celebrate the JCP fiasco, hedge fund heavyweight Dan Loeb at Third Point took a 5.7 percent stake in auction house Sotheby's.