Saturday's attack is the biggest on Saudi oil infrastructure since Saddam Hussein's invasion of Kuwait in 1990.Energyread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
"Blaming Iran won't end disaster. Accepting our April '15 proposal to end war & begin talks may," Zarif said on Twitter.Energyread more
Oil prices are expected to jump as much as $10 per barrel after a coordinated drone strike hit Saudi Arabia's largest oil field, forcing the kingdom to cut its oil output in...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread 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.