Diamonds and Dogs
Not so boring any more. On a day when the markets are down over 500 points, Campbell Soup (CPB) is up a percent on news Daniel Loeb's Third Point Management has increased their stake to 7 percent, according to a filing with the SEC on Tuesday. Third Point announced its intention to get active and try to replace the entire Campbell board. Looks like things are heating up at Campbells.
A sad day at Sears. Sears Holdings Corp (SHLD) is down 20% to 46 cents a share as the company is preparing to file for Chapter 11 bankruptcy protection in the coming days, sources said on Wednesday, casting doubt over the future of what was once the world's largest retailer. The bankruptcy filing would end a standoff between Chief Executive Officer Eddie Lampert, the retailer's biggest shareholder and lender, and a special board committee the company has formed to consider a rescue plan that would involve asset sales and a debt restructuring.