You're doing better Sony (SNE), but not good enough... yet.
That's the latest message from Dan Loeb, the firebrand hedge fund manager known for vociferously agitating for changes at some of the world's largest tech firms.
In a sign of "increased confidence," Loeb's Third Point hedge fund increased its stake in Sony to 70 million shares, or roughly 7%, from 6% in May.
At least part of Loeb's confidence seems to come from an expectation that the company will eventually do as he says. Loeb is pushing Sony to execute a partial spin-off of its entertainment division through an IPO, which would keep its electronics division separate.
Sony has repeatedly said the entertainment division is not for sale.
Loeb's involvement in the future of a company is a double-edged sword that cuts for or more often against management incumbents. If Loeb gets his way, Sony's CEO, Kazuo Hirai, would see his control over Sony diminished.
In a letter to Hirai obtained by CNNMoney, the activist investors best known for pushing for change at Yahoo! (YHOO) reiterated his request for a board seat.
Calling Sony's Entertainment division, a "sleeping giant," Loeb said that division needs a new board composed of individuals with "deep knowledge of media, entertainment, and digital technology."
A Sony spokesperson reiterated that the company will conduct an appropriate review of the Third Point proposal, but would not comment on specifics.
Sony may not have had much to say but StockTwits traders did.
Should be an interesting meeting. Neither Hirai nor the board has invited Loeb to discuss his proposals in person. They'll be gathering in Tokyo this Thursday.
Investors quickly responded to Loeb's latest overtures. The stock has been up more than 3% for the bulk of the day.
With a partially, semi-autonomous entertainment division, Loeb has said he wants Hirai to remain chairman of both boards-- a consolation prize of sorts if Loeb wins this battle.
One trader on StockTwits thinks that Loeb might find a band of Sony brothers willing to go to battle with him.
Shares of Herbalife (HLF) bounce back from a sharp drop Monday morning after the New York Post reported that the company is the subject of a federal investigation. Herbalife's stock fell nearly 13% shortly after the open but finished the day up more than 1%.
The investigation was revealed after the Federal Trade Commission disclosed a list of 192 complaints against Herbalife from the past seven years in response to a Freedom of Information Law request MOREHibah Yousuf - Feb 4, 2013 4:01 PM ET
The activist investor that helped usher in the Marissa Mayer-era at Yahoo (YHOO) has a new target: Murphy Oil (MUR).
It's not a household name like Yahoo, but Daniel Loeb, the founder of hedge fund Third Point, called the oil and gas conglomerate an undervalued stock. In his third quarter letter to investors, Loeb outlined a case where the stock could pop if management chose to sell certain assets and spin MOREMaureen Farrell - Oct 5, 2012 2:44 PM ET
Hedge fund manager Dan Loeb, once a supporter of President Obama, is now a critic. But he appears to think the president's health care plan will be a boon for health insurers. And he's not alone.
Loeb and noted short seller David Einhorn accumulated new positions in multiple health insurance stocks at some point in the second quarter, according to SEC filings released Tuesday.
Both Loeb's Third Point Capital and Einhorn's Greenlight MOREMaureen Farrell - Aug 15, 2012 3:26 PM ET
Even billionaire George Soros caught Facebook (FB) fever this spring.
The hedge fund manager purchased 341,000 shares of the social media company during the second quarter, according to SEC filings.
Hedge fund managers aren't forced to specify when during a quarter they purchased stakes in various firms. Still, it's safe to say that the investor who infamously made $1 billion shorting the British pound is under water on his Facebook bet.
Related: Warren MOREMaureen Farrell - Aug 14, 2012 7:13 PM ET
Not a member yet?Sign up now for a free account
|November jobs report: Unemployment falls to 7%|
|Five key numbers behind the jobs recovery|
|Where should you put your money now?|
|2 million Facebook, Gmail and Twitter passwords stolen in massive hack|
|Sick days: A luxury many hourly workers don't have|