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  "documentTitle": "J.C. Penney Company, Inc. (JCP)",
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  "authorName": "William Ackman",
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  "presentationDate": "2012-05-16 00:00:00",
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      "text": "Dividend cut has caused forced selling by yield investors",
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      "text": "Identified and executing on $650mm of opportunity\nManagement pulled their $900mm cost target forward to year-end 2012",
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      "text": "Disappointing SSS (-19%) and gross margin (-120bps)\nManagement is responding; expect sales progress in the second half\nMany new and revamped brands announced\nVendors are enthusiastic and have submitted 110 shop applications\nLong-term, we believe JCP will grow sales and achieve ~40% gross margins",
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      "text": "Thoughts on the First Quarter",
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