Market Up in Mid-Day Trading
The U.S. equity market is up in mid-day trading, with all three major indexes currently up. The Dow Jones is up 0.44% to 10,997.09, the S&P 500 is up 0.44% to 1,163.19 and the Nasdaq is up 0.59% to 2,397.72.
Shares of J.C. Penney Company Inc. (NYSE: JCP) are trading higher today, after reports surfaced that Bill Ackman, the notable activist investor, was building stake in the retail company. Ackman, through his funds, has acquired 39 million shares of J.C. Penney, taking his total stake to 16.5%. Shares of J.C. Penney are up 3.41% to $32.72 in mid-day trading.
Ackman is also building stake in Fortune Brands Inc. (NYSE: FO).According to a report by Reuters, citing a source familiar with the situation, Ackman has taken an 11% stake in Fortune Brands Inc. Shares of Fortune Brands are rallying on the news. The stock was up 6.15% to $55.20 in mid-day trading, after touching a 52-week high of $59.40.
Alcoa Inc. (NYSE: AA), which announced its third-quarter financial results after market close on Thursday, is continuing its upward rise. Shares of the Pittsburg-based mining company reached an intra-day high of $13.13, and are currently up 5.66% to $12.89 on above average volume.
Moody’s Investors Service, the credit rating agency, today raised the credit rating of Ford Motor Company (NYSE: F) by two notches to Ba2 from B1, two levels below investment grade rating. Shares of Ford Motor Company were up 2.40% to $13.64 in mid-day trading, after touching an intra-day high of $13.64.
