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Buffalo Wild Wings shares surge after activist investor builds a stake

Buffalo Wild Wings' stock spiked 10 percent Wednesday as investors bet a new shareholder could shake things up at the restaurant chain.

Earlier in the week, activist investor Marcato Capital Management acquired a 5.1 percent stake in the company.

"We like to have open conversations with all of our shareholders, and it's something that we do continually," Buffalo Wild Wings CEO Sally Smith told CNBC Wednesday on "Squawk Box." "I think Marcato Capital is another shareholder that we want to listen to as we do with all of our large shareholders."

On Tuesday, B-Dubs posted second-quarter earnings that outpaced Wall Street forecasts. Revenue rose 15 percent to $490 million.

Same-store sales in the latest period came up short, falling 2.1 percent at company-owned restaurants and slipping 2.6 percent at franchised restaurants.

"We controlled costs and expenses well in a challenging sales environment, and this discipline, along with our revenue growth, helped us to achieve earnings per diluted share of $1.27, a 13.1 percent increase compared to the prior year," CEO Sally Smith said in Tuesday's press release. "In the second quarter, we opportunistically repurchased $75 million of our common stock, delivering value to our shareholders."

Buffalo Wild Wings' shares have dropped about 4 percent in the past year.

Buffalo Wild Wings' 12-month performance: