Kraft (KFT) Takes the Cheese
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Price: $42.52 --0%
Financial Fact:
Net earnings attributable to Kraft Foods: 548M
Today's EPS Names:
CP, RUSHA, SEIC, More
Financial Fact:
Net earnings attributable to Kraft Foods: 548M
Today's EPS Names:
CP, RUSHA, SEIC, More
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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.
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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