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Whitney Tilson Looking to Add to JCP

Two months ago on Fast Money top hedge fund manager and CNBC Contributor Whitney Tilson recommended shares of JC Penney.

Fast forward to Tuesday June 14th and shares surged on news that the company inked a deal with Ron Johnson - the architect of Apple’s retail strategy - to become its next CEO, as of November 1st.

Seems like a good time to check back with Tilson.

”Bringing in the best retailing guy on the planet bar none is a nice surprise,” says Tilson.

”Apple sales per square foot $4355 per square foot," he explains. That's 28 times JC Penney’s $153 per square foot. “They’ve really got a superstar.”

And top JCP shareholder and hedge fund manager Bill Ackman contacted Tilson from Europe to tell him, “Ron Johnson is the most impressive CEO he has ever seen.”

And that leads to the obvious question – is the stock a buy at current levels?

”I think it’s a better buy today then yesterday,” says Tilson. “I hate buying into big rallies but I’m looking hard at adding to my position.”





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Trader disclosure: On June 14, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Finerman's Firm Is Short (SPY); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (IWM); Finerman's Firm Is Long S&P 500 Puts; Finerman's Firm Is Long Russell 2000 Puts; Finerman's Firm And Finerman Own (AAPL); Finerman's Firm Owns (BAC) Leap, Finerman Owns (BAC); Finerman's Firm Owns (FXCB); Finerman's Firm Owns (IBM); Finerman's Firm Owns (JPM), (JPM) Leap; Finerman Owns (JPM); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT)l Adami Owns (NUE); Adami Owns (BTU); Terranova Owns (VRTS); Terranova Owns (IBM); Terranova Owns (FCX); Terranova Owns (CVI); Terranova Owns (F); Terranova Owns (AAPL); Terranova Owns (CAT); Terranova Owns (BX); Terranova Owns (HPQ); Terranova Owns (MA); Terranova Owns (PEP); Terranova Owns (MCD); Terranova Owns (TM); Terranova Owns (DAR); Terranova Owns (BJ); Terranova Owns (XOM); Terranova Is Short (DELL); Weiss Owns (QCOM); Weiss Owns (SWC); Weiss Owns (JPM); Weiss Owns (EMC); Weiss Owns (ETP); Weiss Owns (NS); Weiss Owns (DVN); Weiss Owns (COP); Weiss Owns (HK); Weiss Owns (TWM); Weiss Owns (MRK); Weiss Owns (HAIN); Weiss Owns (TEVA); Weiss Owns (UUP); Weiss Owns (MSFT); Weiss Owns (CMA); Weiss Owns (GLW); Weiss Owns (PZN); Weiss Is Short (FWLT); Weiss Is Short (FLR); Weiss Is Short (SHAW)

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