J.C. Penney shares spike on report sales improving in August

J.C. Penney Co Inc shares rose in late trading on Wednesday, after the New York Post said on Twitter that same-store sales are positive so far this month, citing sources. Network equipment maker Cisco Systems reported fiscal fourth-quarter revenue in line with Wall Street expectations on continued strength in its enterprise business. Steinway Musical Instruments Inc, best known for its grand pianos, agreed to be taken private by Paulson & Co after the hedge fund firm raised its offer to $40 per share, valuing the 160-year old company at about $512 million.
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