Activist investor Carl C. Icahn on Wednesday disclosed that he
increased his stake in Nuance Communications Inc. (NUAN) by 6.5
million shares.
Mr. Icahn now owns a total of 58.9 million shares in the
company, or a stake of nearly 19%, according to a filing with the
Securities and Exchange Commission. He owned 52.4 million shares in
the company as of Sept. 30, according to a filing last month.
Mr. Icahn has been steadily adding to his stake in the company
since disclosing a 9.3% stake in April. Nuance in October named two
representatives of Icahn Enterprises L.P. (IEP) to the company's
board.
Nuance, which makes software that converts speech into text, is
known best for its Dragon line of dictation products. Costs, tied
in part to acquisitions, have weighed on the company's bottom line
in recent quarters, masking top-line growth.
Shares of Nuance were up 13 cents at $14.28 after hours. Through
the close, the stock is down 38% so far this year.
Write to Michael Calia at michael.calia@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires