An activist hedge fund took a stake in McDonald’s, sending its shares higher. According to a filing out today, Jana Partners now holds a position in the burger chain that’s worth more than $81 million. This comes as the fast food giant has seen weak sales across all of its units so far this year. Shares were almost one percent higher at $96.21.
The accounting issues at Hertz are worse than originally thought. The car rental giant says it will restate its 2012 and 2013 earnings, this is in addition to restating its 2011 results, which we already knew about. Also, the company doesn’t plan to file those updated financials before 2015. Shares tumbled 4.5 percent to $21.69.
Shares of Graham Holdings climbed higher after it announced plans to spin off its Cable One cable division into a separately publicly traded company. Investors cheered the full breakup of the company, it sold its Washington Post newspaper unit last year to Amazon CEO Jeff Bezos. It expects to complete the cable separation sometime in 2015. The stock closed more than $85 higher at $878.87.
Pandora surged after a filing revealed that its Chairman and CEO purchased 25,000 shares of the stock. This marks the first purchase by any Pandora insider since its IPO over three years ago. The stock was up 16.5 percent, closing at $21.51.