Kraft (KFT) Takes the Cheese

August 3, 2012 10:47 AM EDT
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Price: $42.52 --0%

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Gross profit: 2.49B

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Shares of Kraft Foods Inc. (NYSE: KFT) are up over 4 percent Friday as investors react to a host of positive developments.

First, the company reported second quarter earnings of Q2 EPS of $0.68, $0.06 better than the analyst estimate of $0.62. Revenue for the quarter came in at $13.3 billion versus the consensus estimate of $14 billion.

Second, the company set a date of October 1 to spin-off its North American grocery business.

Third, Dan Loeb's Third Point LLC has accumulated a new position in the company. It is now his funds fifth largest position. Loeb is known as a rabble-rouser and recently was credited for shaking up the management at Yahoo! (Nasdaq: YHOO), his top holding. It is unclear what Loeb could do at Kraft since the company is already breaking itself up, however investors are liking the news.

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