KFC, Taco Bell parent jumps after Third Point buys in
NEW YORK (AP) — Shares of the parent company of KFC, Taco Bell and Pizza Hut are soaring after a prominent investor said he's taken a stake in the company thinks it could soon recover from years of trouble in China.
The letter from Daniel Loeb's Third Point hedge fund to investors drove Yum shares to an all-time high of $90.73 early Friday. The stock settled down slightly and was up $3.58, or 4.2 percent, to $89.56 in morning trading.
Third-Point did not disclose specifics on its stake in the company.
Louisville, Kentucky-based Yum gets much of its revenue from China, where it is still recovering after a TV report allegedly showed one of its suppliers using expired meat. A bird-flu outbreak and competition have also hampered the company's efforts in China.