Trader Lebenthal, up 30% YTD, takes profits in JC Penney on fears of a disappointing holiday

A JCpenny employee works at a cashier station at the Newport Mall
Kena Betancur | Getty Images

Trader Jim Lebenthal, whose "Halftime Report" model portfolio is up 30 percent this year, sold his holding in department store chain J.C. Penney.

Here's why ... Lebenthal wrote in an email to CNBC PRO: