Bill Ackman: JC Penney Undervalued (JCP)

William Ackman, founder and CEO of Pershing Square Capital Management, made an appearance on CNBC this morning with Michael Porter. During the appearance, Ackman mentioned that JC Penney JCP is significantly undervalued. His target for the fair value of JC Penney was not disclosed. Ackman also spoke about the dangers of outsourcing. JC Penney is trading fractionally higher in pre-market trading from yesterday's levels.