FYBR - Why Frontier Communications Parent Stock Was Surging This Week
2023-10-20 07:37:35 ET
Struggling telecom Frontier Communications Parent 's (NASDAQ: FYBR) stock was hardly struggling on the market in recent days. In fact, it was on the rise with a 13% week-to-date improvement in share price as of early Friday morning, according to data compiled by S&P Global Market Intelligence . Investors eagerly lapped up news about an activist investor's new stake in the company.
Said investor is Jana Partners, whose managing partner Scott Ostfeld divulged on Tuesday that it held shares of Frontier (although Ostfeld did not specify how many). He added that a large telecom had invested alongside Jana, but didn't identify this partner.
The activist investor's leader called on Frontier to sell itself, adding that its notable presence in the fiber broadband segment of the telecom industry, combined with currently low valuations, makes it an attractive target to a buyer. Presumably Jana's telecom co-investor would willingly make a play for the company.
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Why Frontier Communications Parent Stock Was Surging This Week