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Market Update

U.S. Movers: J. C. Penney, Nuance, Talisman Energy, Wolverine, Yum! Brands

Author: Mukesh Buch
Last Update: 9:36 AM ET October 08 2013

11:35 AM New York J. C. Penney said September comparable sales fell 4% but online sales surged 25 % and liquidity at the year-end is expected to be higher than $2 billion. Nuance appoint son of Carl Icahn as independent director. Wolverine World Wide net surged 66%.

J. C. Penney Company, Inc climbed 5.1% or 39 cents to $8.10 after the department stores operator said sales in the third-quarter fell 4% but online sales surged 25.3 % in September and 10.8% in August.

Comparable store sales in September continue to improve and increase 580 basis points or jumped 5.8% from August but dropped 4% from a year ago.

The retailer added liquidity at year-end is now expected to be in excess of $2 billion.

Nuance Communications, Inc. (NUAN) dropped 1.3% or 24 cents to $18.25 after the speech-recognition technology developer appointed two new independent directors among one of Brett Icahn a son of Carl Icahn and David Schechter an investment manager.

Talisman Energy Inc. (TLM) rose 10 cents to $12.85 after the activist investor Carl Icahn yesterday after the market closed announced he had accumulated a stake of 5.97% worth $300 million in Canada-based oil and gas producer.

Talisman surged 8.6% to $13.85.

Wolverine World Wide, Inc. (WWW) jumped 3.2% or $1.85 to $59.70 after the footwear and apparel maker reported revenue in the third-quarter more than doubled to $716.7 million. Net earnings in the quarter surged 66.4% to $54.4 million or $1.08 a diluted per share compared to $32.7 million or 66 cents.

The company lifted its revenue guidance for the year between $2.71 and $2.73 billion, representing growth of 6.4% to 7.1% and adjusted earnings per share in the range of $2.73 to $2.83 per share.

Yum! Brands, Inc. (YUM) gained 28 cents to $71.71 after the quick service restaurant operator expects revenue in the quarter ending in September slightly to decline to $3.5 billion compared to $3.6 billion a year ago period.

The company is scheduled to release its earnings after the market close.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc