Activist investor Jeff Smith sparked a rally in two stocks Thursday — Here's his pitch

Jeff Smith, chief executive officer and chief investment officer of Starboard Value LP.
Chris Goodney | Bloomberg | Getty Images

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Activist investor Jeff Smith pitched two new stocks at a conference on Thursday, sending shares jumping in early trading. 

The CEO of Starboard Value discussed those new positions in Corteva and ON Semiconductor with CNBC's David Faber on "Squawk on the Street." Smith did not disclose the size of either stake but said Starboard would be among the biggest shareholders for both companies.