Ackman remains the retailer's largest shareholder, with roughly 18% of shares, and he told CNBC this morning that he did not plan to reduce his position. Recall that debt, shares and CDS in the name were volatile earlier this month and late last month on press reports that CIT Group was tightening credit lines on the retailer. The 2020 paper was in the low-80s, and CDS was down around 15 points upfront, prior to the report, which was quickly refuted by J.C. Penney. (See " JC Penney disputes credit-crunch report, debt recovers modestly ," Aug. 1, 2013, LCD News.) While J.C. Penney offered no sneak peak on second-quarter results, which are expected in the coming weeks (last year's report was Aug. 10), management did offer its expectation to close the quarter with approximately $1.5 billion in cash on its balance sheet, according to the statement. – Matt Fuller / Kerry Kantin