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Dan Loeb: We Are Owners of FedEx Shares - We Like The Stock And The CEO

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Dan Loeb: We Are Owners of FedEx Shares - We Like The Stock And The CEO

Third Point founder Dan Loeb revealed that his hedge fund has initiated a position in FedEx (NYSE: FDX). During a live CNBC interview with Deal Book's Andrew Ross Sorkin, Loeb indicated he likes the management, especially Fred Smith, the company's CEO.

When pressed to describe his thoughts on Smith, Loeb said, “I didn't need to explain to him, because he knows how great he is.” Sorkin then asked if there are any plans to oust the CEO, Loeb did not hesitate to reply, “No. Absolutely not.”

Absent from Loeb's revelation is the number of shares his fund has purchased, and at what price. This information should be revealed in an SEC filling from Third Point in the coming weeks.

Shares of FedEx traded higher by more than 1.5 percent following Loeb's live television interview. Volume spiked up quickly as traders began to digest the news, which circulating across the news wires very quickly. Shares retreated slightly, but were still up by 1.1 percent in mid-afternoon trading.

 

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