By Katya Wachtel NEW YORK, July 26 (Reuters) - Hedge fund manager David Einhorn closed a bet against ailing retailer J.C. Penney Co Inc in the second quarter and also closed a long position in software company Microsoft Corp, according to a quarterly note to investors in his Greenlight Capital. Einhorn said the short bet against J.C Penney was the $8 billion firm's "most profitable short of 2012." When a hedge fund manager is short a stock he believes the value ...
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