QEP Resources Inc., the third-worst performer this year among peer U.S. exploration and production companies, will pursue the separation of its natural gas gathering and processing business sought by activist investor Jana Partners LLC.
Canadian stocks rose a fourth day, the longest streak in almost six weeks, as industrial companies and energy producers gained after manufacturing from the U.S. to Europe and China expanded more than forecast.
Jana Partners LLC, the activist shareholder that has agitated for changes in four energy companies since 2011, said “numerous partners” are interested in a “strategic transaction” that would result in the breakup of oil and natural gas producer QEP Resources Inc.
U.S. stocks rose for the sixth straight week, sending benchmark indexes to all-time highs, after Janet Yellen signaled she will continue Federal Reserve stimulus efforts as the central bank’s chairman.
Jana Partners LLC, the $7 billion hedge-fund firm run by Barry Rosenstein, took stakes in Rupert Murdoch’s News Corp., chemical maker Huntsman Corp., and struggling retailer J.C. Penney Co. last quarter.
J.C. Penney Co. investors Glenview Capital Management LLC and Hayman Capital Management LP cut their stakes in the retailer by a combined 13.4 million shares as the stock plunged amid a share offering.
Outerwall Inc., the owner of Redbox DVD rental machines that’s under pressure from investor Jana Partners LLC, posted profit ahead of estimates and said it plans to boost share buybacks. The stock jumped in late trading.