Investors cheered J.C. Penney on better than expected results. The retailer posted a loss, but it was narrower than expected, revenue also beat forecasts, as did its increase in same-store sales. That added up to a good day in the market for JCP. Shares rose 5.5 percent to $8.52.
National Oilwell Varco & Phillips 66
Warren Buffett eliminated his stakes in National Oilwell Varco and Phillips 66, according to a filing. The move signals Buffett could have another large investment in the works. Shares of National Oilwell Varco fell a fraction to $39.55. Phillips 66 was also down slightly to $82.30.
Lumber Liquidators rose after Tiger Management disclosed in a filing that it is taking a new stake in the flooring maker. The firm’s nearly 240,000 share position is welcome news for investors, following allegations that some of its flooring contains a known carcinogen. Shares were nearly eight percent higher to $14.02.
Nelson Peltz’s Trian Funds revealed it has taken a more than seven percent stake in the food services firm Sysco. The position, worth more than $1.5 billion, would make Trian the largest shareholder in the company, according to reports. Shares were 7.5 percent higher to $41.38.