Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
The federal minimum wage has remained $7.25 per hour since 2009. But several states, and even some companies, have since taken matters into their own hands to pay employees a...Workread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
J.P. Morgan Chase downgraded Campbell Soup shares to underweight Friday, arguing that the food company will be hard-pressed to attract a buyer should board leadership elect to pursue a sale.
While J.P. Morgan's Ken Goldman agreed with a growing chorus of frustrated shareholders to pressure company leadership into selling, he wrote the path to a sale remains uncertain.
The rerating of Campbell's stock comes a day after a securities filing revealed that renowned shareholder activist Third Point and founder Dan Loeb recently built a 5.65 percent stake in the 149-year-old company with plans to goad board members into a sale.
"Although we agree with Third Point that Campbell Soup's best option is to sell, we see a sale as an unlikely outcome. If we are wrong and a sale does take place, we wonder how much of a premium a suitor is willing to pay," Goldman wrote Friday. "We think the appeal of buying all of Campbell Soup is limited; we are not sure which potential suitors would take on the risk, including Kraft Heinz."
Campbell said in a statement Thursday that its board "remains dedicated to delivering a go-forward strategy that will drive value for all shareholders." It said it looks "forward to sharing the details of our plans when the company reports its fourth-quarter and full-year results on August 30 and engaging with our shareholders on our strategic plan."
Shares of Campbell Soup fell 1.3 percent in premarket trading Friday morning.
The fate of the company likely remains in the hands of its largest shareholders, many of whom are direct descendants of John P. Dorrance, the man often credited for condensed soup.
The board, led by Mary Alice Malone (18 percent stake) and Bennett Dorrance (roughly 15 percent stake) have not yet indicated whether they would agree to abandon their holdings, though both have historically opposed a sale of the company their grandfather made famous and once owned in full.
However, hopes of a sale received a boost Thursday after Third Point's 13-D filing revealed that George Strawbridge, a third descendant and major stakeholder, agreed to team up with the New York-based hedge fund.
"A constructive thesis we heard yesterday on CPB is that if Mr. Strawbridge can be 'flipped,' as he recently was, then perhaps other directors can be, too," J.P. Morgan's Goldman added.
— CNBC's Lauren Hirsch contributed reporting.