Information provided by Theflyonthewall.com J. C. Penney
) shares rose 3% after Bill Ackman's hedge fund Pershing Square, which had been the retailer's largest shareholder, sold its entire stake of more than 39M shares in the company. Pershing's spot secondary priced at $12.90 per share, which is far from the roughly $25 apiece that the fund reportedly paid for the shares, mostly in 2010 and 2011.
Another pharmaceutical merger resulted in the shares of the both the buyer and the company being bought rising, as Akorn
) agreed to acquire Hi-Tech Pharmacal
) for $640 million in cash, or $43.50 per share. Following the deal announcement, Hi-Tech jumped over 22% to trade above $43, while Akorn advanced nearly 10%.
Among the notable gainers was UniPixel
), which climbed 6% after research firm Cowen wrote that a new plant the company is building with its partner, Kodak
), appears to be on track.
Also, shares of specialty footwear retailer DSW
) rose about 8% after the company reported better than expected second-quarter results and raised its fiscal 2013 profit outlook. Its footwear retailing peer, Brown Shoe
), similarly reported better-than-expected
quarterly results but Brown Shoe fell 9% as its fiscal year guidance disappointed.
Also lower after their own earnings reports were Tiffany (TIF), which slid 1.5%, and Sanderson Farms (SAFM), which dropped over 5%.