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U.S. Morning Call: Loeb increases pressure on Sony

Tuesday, June 18, 2013 - 02:58

Jun 18 - Dan Loeb's Third Point Capital raised its stake in Sony to 7% from 6.3% and urged the company to make an independent board to run a partially spun-off entertainment arm with CEO Kazuo Hirai.

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And loves hedge fund has bought more shares of Sony and that means he'll likely push harder to break up the Japanese giant. That's at the top of today's morning call third point capital raising its stake to 7% from six point 3%. Just a few months after Loeb wrote a letter to CEO Kazuo try asking him to spin off Sony's entertainment arm. -- believes such a move could boost -- share price by as much as 60%. The market apparently agrees shares up nearly 4% this morning. Seems like -- acts as penthouse today he sent a second letter this time offering to put a third represented on Sony's board. With just two days until Sony's annual meeting in Tokyo. Overtures but certainly add to the drama. Reuters Japan bureau chief Kevin really he says -- sending an important message that despite the recent volatility we've seen in Tokyo market. He's invested in the company for the long haul. And speaking of markets US stock futures are pointing to slightly higher open today as the Fed begins its two day policy meeting. Although most central bankers agree that it's time to just 85 billion dollar month asset purchase program. Divisions remain over just went to start reducing the dosage. We've got some stocks to watch today starting with the sprint Softbank -- Clearwire saga the -- got more twists and turns and Grey's Anatomy. The latest sprint is suing to block its offer for Clearwire. The -- comes a day before a deadline for -- to raise its bid to buy ice Brent. The lawsuit also names Clearwire as a defendant. Last week Clearwire board urged shareholders to accept the -- offer over and even desperate fifty point 2% of the company. And we're keeping and I -- FaceBook today shares trading around 24 dollars in the premarket. Techcrunch reports in a -- may now allowed users to capture and share video. Facebook's holding a mysterious product lines on June 20 and it seems like it could be one of the products plans to unveil that. Out some shameless self promotion we've got an interview with Tesla Motors CEO you -- coming up at 2 PM eastern. As part of our weeklong Reuters tax. Shares of -- are up over 66%. Since the beginning of the year. You -- make -- in the news today hoping to sell -- 70000 dollar electric luxury cars directly to consumers. Ditching auto dealers. We'll talk to Moscow about the latest battle. That's it for your Tuesday morning call remembered follow us on Twitter at what -- insider and get more great videos at Reuters dot com. Slash writers TP I'm Lisa Bernhard this is.

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U.S. Morning Call: Loeb increases pressure on Sony

Tuesday, June 18, 2013 - 02:58