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By Market News Video Staff, Monday, November 15, 12:11 PM ET
Fortune Brands (FO) shares are surging today on a Wall Street Journal report that the company is more likely to cooperate with activist shareholder William Ackman’s Pershing Square Capital Management on its plan to split the company into three.
The Journal cited people familiar with the matter in reporting that the interaction between Fortune Brands and Ackman’s fund has been constructive rather than confrontational, and management is more open to the idea of splitting the company into separate entities, such as into a beverage business, gold equipment business and home products business. The Journal noted that Fortune Brands management still may decide not to side with Ackman.
Fortune Brands shares are trading down 1% Monday.
The stock makes up 1.33% of the Rydex S&P Equal Weight Consumer Discretionary ETF (AMEX:RCD).
Top stocks in the fund include Carmax (NYSE:KMX), at 1.6% of the portfolio, Ford (NYSE:F), at 1.51%, and J.C. Penney (NYSE:JCP), at 1.46% of the fund.
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