Yum shares up on China momentum

Yum Brands Inc on Wednesday said its China business was gaining strength, sending shares of the KFC, Taco Bell and Pizza Hut brands owner higher as it prepared to spin off the key Chinese unit in the autumn. According to Reuters, investors had worried about the fundamentals of Yum’s China business, which generates more operating profit than any other unit, after it recently posted bumpy results on food safety scares and company missteps. Yum shares jumped 4.6% to $89.69 in extended trading, after comments from Chief Executive Greg Creed appeared to ease such concerns. Creed also boosted Yum’s full-year core operating profit growth forecast to at least 14% from 12% previously.