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JC Penney reverses lower, Icahn gets in on Gannett, Allergan gobbled up by Wall St.

Yahoo Finance
Yahoo Finance

Gannett (GCI): The media company with the largest newspaper footprint in the U.S. trending today after activist Carl Icahn disclosed a stake in the company. In his latest 13-F statement, Icahn revealed a 6.6% stake, with the intent of pushing executives to separate it's print and broadcast businesses. But Gannett beat him to the punch. On August 5th, it announced a spinoff, giving the stock a pop.  Icahn has said he will meet with management and board members soon.

JC Penney (JCP): The department store chain reversing lower today as investors sell the news on the company's earnings beat after the bell last night. Penney's revenue figures were higher than Wall Street anticipated, and the retailer saw same store sales jump 6%, again topping estimates. Has the retailer actually turned it around? The next few earnings reports are going to be crucial for the beleaguered mall fixture.

Allergan (AGN): The biotech company in Bill Ackman and Valeant's cross hairs popping today as a number of Wall Street whales have gobbled its shares. John Paulsen, James Dinan, and Andreas Halvorsen have revealed stakes in the Botox maker, seemingly betting on Ackman and Valeant's bid to go through. One big hurdle could be reports of an SEC investigation into the bid, presumably as regulators examine whether Ackman traded on his own nonpublic, material information when teaming up with Valeant on their joint Allergan bid.

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