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August 15, 2013 AT 9:31 AM
Activist hedge fund investor William Ackman may be off the board of J.C. Penney, but concerns about the U.S. department store chain's prospects have pushed bearish bets to record levels in the U.S. options market. With Ackman stepping down from Penney's board after a public spat with fellow board members, the focus is shifting to the company's quarterly earnings due on August 20.