Activist investor Dan Loeb raises stake in Bath & Body Works
Yahoo Finance Live anchors discuss activist investor Dan Loeb’s Third Point hedge fund raising its stake in Bath & Body Works.
BRIAN SOZZI: All right, Dan Loeb's hedge fund Third Point raised its stake in Bath & Body Works about 6% and is pushing for new board members at the company. Billionaire Dan Loeb investing in smelling candles and hand sanitizer.
JULIE HYMAN: Yes, and lots of other smelly stuff that they have in Bath & Body Works. He talked about the executive compensation structure at the company that he wants them to take a look at that. I think he had a stake in the company previously and has just raised it to 6%, this news coming in a filing last night. But obviously, you can see why he's looking at the company. The stock is down more than 30% for the year to date. So obviously, he sees some room for improvement there.
BRIAN SOZZI: But surprising. I would say, throughout this year, I've been pleasantly surprised by Bath & Body Works. They've put up a series of good quarters. The ability for them to consistently make a lot of money seemingly every single quarter over new candle variations and lotions and potions and hand sanitizers, it's pretty remarkable. They've had some good quarters.
JULIE HYMAN: I can't go in that place. It's too--
BRIAN SOZZI: It's overbearing.
JULIE HYMAN: It's a lot. Are you a bath bomb guy?
BRIAN SOZZI: No, I don't take baths. I don't really have a good bath.
JULIE HYMAN: Yeah, most people don't take baths.
BRIAN SOZZI: Yeah, but I'm open to it. It's cool. If I had a good bath, I definitely would.
JULIE HYMAN: OK.
BRIAN SOZZI: It's fun. You just drop one in there.
JULIE HYMAN: Noted, noted. Thank you.