SYRACUSE, N.Y. — A hedge fund controlled by billionaire investor Steven A. Cohen has purchased a 9.7% ownership stake in Penn Traffic with an eye toward benefiting from “various strategic alternatives” available to the retailer here. Cohen’s CR Intrinsic Investors in a government filing this week said it had purchased 805,000 shares of Penn Traffic in the open market at a cost of approximately $15.5 million. In the filing, CR noted that recent transactions occurring in Penn Traffic’s ...

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