Campbell Soup shares surge 4% premarket after news that Dan Loeb’s hedge fund has a stake
Campbell Soup Co. shares surged 4% in premarket trade Wednesday, after a Wall Street Journal report that activist investor Third Point LLC has build a stake worth more than $300 million. The stake amounts to more than 2.5% of the company’s stock, said the paper, which cited a person familiar with the matter. Third Point founder Daniel Loeb has spoken to Campbell’s interim CEO Keith McLouglin about possible courses of action for the troubled food company, said the paper. Campbell is currently in the midst of a review of its strategic and operating plans that includes a review of its portfolio of products, which include Prego sauces, Snyder’s Lance snacks and Bolthouse Farms. In May, the company announced the abrupt departure of Chief Executive Denise Morrison after three straight years of declining sales. Shares have fallen 15% in 2018, while the S&P 500 has gained about 5%.