“Relative to other large-cap growth stories, it probably looks weaker going forward in being able to sustain an above-average earnings picture among those hung in the growth-stock
gallery,” said Jim Lowell, editor of the Fidelity Investor
newsletter, who also managed $350 million as of last month,
mainly in Fidelity and Vanguard Group funds.
Fidelity held the J.C. Penney shares in 15 different mutual
funds, according to Bloomberg data. The $19.3 billion Fidelity
Growth Company Fund was the biggest holder, with 5.2 million
shares at the end of May, or 0.5 percent of the fund’s assets.
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The mutual fund company also reported holding 1.92 million
shares in footwear maker Skechers U.S.A. Inc. as of July 31, up
from 212,500 shares at the end of March, according to regulatory
filings. Of that, 1.86 million shares are in the Low Priced Stock
Fund managed by Joel Tillinghast, Morningstar’s manager of the year in 2002.
J.C. Penney is expected to report that its second-quarter loss was unchanged at 5 cents a share, according to
analysts surveyed by Thomson Financial.
The retailer trails Sears, Roebuck & Co. in sales.
Bloomberg News
