NEW YORK (AP) - Activist investor Breeden Capital Management LLC reported a 7.7 percent stake in Zale Corp. and said it has held discussions with the jewelry retailer's management, according to a Securities and Exchange Commission filing on Monday.

Zale shares jumped $1.05, or 4.7 percent, to $23.35 in morning trading. The stock has fallen from a high of $31.72 in mid-November to a low of $19.89 in late August.

The Greenwich, Conn.-based investment fund reported owning about 3.8 million Zale shares. Breeden said it acquired the stake with the fund's investment capital for a total purchase price of about $83.6 million.

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