After a week-long hiatus, I'm back, and frankly, it's like I never left.
My favorite topic, or at least the most intrusive one of late, corporate activism, remains at the forefront of Wall Street news. This time the focus turns to Nestle SA, the multinational food conglomerate that recently put its U.S. candy business up for sale.
Dan Loeb's Third Point LLC sent a letter to the Swiss food giant and though it remains to be seen what level of success Loeb will have at Nestle, his track record this year-campaigns at the recently merged Dow Chemical Co. (DOW) -DuPont Co. (DD - Get Report) and Seven & I Holdings, the parent of the 7-Eleven convenience store chain, that have gone relatively well-suggests that his involvement is likely to be a boon for Nestle stockholders.
Late in the day John Paulson's Paulson & Co. revealed in a regulatory filing that had upped its stake in Valeant Pharmaceuticals International Inc. (VRX) to 6.3% from 5.7%. On June 14 Paulson was appointed to the Board of Directors of the embattled pharmaceutical company.
Shares of the pharmaceutical maker, which recently took its toll on another hedge fund heavy weight in Bill Ackman, had risen about $1.28, or 8%, on Monday to $17.08 per share. The company is up about 18% in 2017 year-to-date.
While Nestle and Valeant felt a little hedge fund bump, Buffalo Wild Wings Inc. (BWLD) , a company that had battled and succumbed to its own activist pressure earlier this year, seems to be showing signs of potential weakness, according to TheStreet's technical analyst Bruce Kamich. Is it that the highs of an activist campaign are simply wearing off or are there bigger issues brewing at the restaurant chain?
Enough about activists (for today), as there was more going on on TheStreet than just corporate insurgency.
In addition to Facebook Inc.'s (FB - Get Report) reported interest in tackling television programming, a tactic we at TheStreet think could be a play to go after Alphabet Inc.'s (GOOGL - Get Report) YouTube, we were also keeping tabs on a pair of notable anniversaries today. Technology enthusiasts celebrated the inaugural (albeit soft) release of Apple Inc.'s (AAPL - Get Report) iPhone while coffee addicts (myself included) remembered the public debut of Starbucks Corp. (SBUX - Get Report) .
The two companies have taken different courses in their respective journeys to being some of the most envied on their respective blocks, but as TheStreet reports Monday, the coming years for these two industry leaders may be quite different than those leading up to today.
But even still, there was more percolating on Wall Street (and on Capitol Hill) on Monday. The Dow Jones Industrial Average broke a five-day losing streak and finished in the green powered by upticks in Walt Disney Co. (DIS - Get Report) and Goldman Sachs & Co. (GS - Get Report) while President Trump's travel ban and healthcare revamps came steps closer to being reality.
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- The Federal Reserve Is Scared, So It's Hiking Interest Rates: Market Recon
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