Pepsi (PEP) rising 2% as activist, Elliott Investment Management took a $4 billion stake in the stock to press management to make changes to revive the snack and drinks business. PepsiCo has been hit this year from rising tariff costs. Elliott management sent a letter to PepsiCo’s board, saying the company is being hurt by a lack of strategic clarity, decelerating growth and eroding profitability in its North American food and beverage businesses. Elliott management believes PepsiCo’s has a lot of potential for international growth.

Kraft Heinz (KHC) to split up after merging 10 years ago. The maker of Heinz ketchup, Orea cookies and Kraft Mac and Cheese is down 6% as they announce the split into two companies, one focused on fastest growing products while the other company will focus on grocery items. The two companies merged 10 years ago at a valuation of $46 billion. Today, the company is worth $31 billion. Largest shareholder, Warren Buffett, is not happy about the break up.   

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