Sony jumped in midday trading after a report that a hedge fund was taking a stake in the company to initiate changes.
Daniel Loeb’s Third Point has amassed a stake in Sony for the second time in six years, Reuters reported, but the size of the position was not known.
Sony (NYSE:SNE) rose 7%.
The company is currently in the midst of a turnaround plan and is looking for the next revenue driver as sales of its PlayStation 4 reach the end of their cycle.
Sony shares are down about 4.5% for the year.
The S&P 500 consumer discretionary was up 0.6% midday.
