Dan Loeb revealed a stake in YUM! Brands and the stock is shooting up
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REUTERS/Steve Marcus
YUM! stock was up about 4% on the news in Friday morning trading.
Loeb also took a position in Devon Energy, according to his first quarter letter.
In Loeb's letter, he said he's bullish on the US for three reasons: it is unlikely the Fed will raise rates in June; he's expecting economic data to improve over the next few quarters, and he believes that when the Fed finally does raise rates, it will be incremental.
One Loeb follower on Twitter posted a portion of his letter that's bullish on YUM!:
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Dan Loeb on $YUM and why he's long -> pic.twitter.com/tYVIbELfKh
- Tae Kim (@firstadopter) May 1, 2015
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