Diamonds and Dogs
Zillow (Z) shareholders will sleep easier tonight. The online real estate company is jumping 10% on news of insider buying and an analyst upgrade. A disappointing third-quarter report earlier this month sent shares of Zillow Group on a two-week slide, down 50% from the June highs to multiyear low. During this correction, co-founder and executive chairman Rich Barton has bought $19.2 million worth of stock, a very good sign. This morning, Standpoint Research upgraded the stock with a $48 price target.
Campbell Soup (CPB) down 3% after settling their proxy contest with hedge fund and activists, Third Point LLC. Campbell Soup conceded to add two of the hedge fund's nominees to the U.S. food company's board and give the activist investor a say in selecting Campbell's next CEO. The hedge fund, which owns 7 percent of the company, will also be able to offer its views at two board meetings and two meetings with the chief executive officer in the next 12 months. Good news bad news for Campbell Soup. The stock has traded sideways for six months and is still down 22% from the December highs.