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Activist investor Starboard Value has taken a significant stake in construction company Knife River and is urging the company to either improve its profit margins or consider a potential sale, according to people familiar with the matter. The news, reported by The Wall Street Journal on September 23, 2026, sent Knife River's shares up more than 5% in after-hours trading, despite the stock having fallen nearly 30% earlier in the year. Knife River, based in Bismarck, North Dakota, has a market value of approximately $3 billion. The company spun off from MDU Resources Group in 2023, but Starboard believes the separation has failed to deliver the expected margin improvements. The activist investor wants Knife River to commit to narrowing the gap between its earnings before interest, tax, depreciation and amortization (EBITDA) margins and those of its industry peers over the next few years. In addition to margin improvements, Starboard is pushing the company to evaluate strategic alternatives, including a potential sale. The investor reportedly views Knife River as an attractive target for buyers due to its high barriers to entry in the construction materials sector. The announcement comes as Knife River warned investors of continued headwinds, which initially caused its stock to drop over 7% during regular trading hours before rebounding on the activist investor news.

Activist hedge fund Jana Partners is urging theme-park operator Six Flags Entertainment to explore a potential sale of the company, according to a Wall Street Journal report citing people familiar with the matter. Jana Partners, which holds approximately a 9% economic stake in Six Flags valued at around $200 million, sent a letter to the company's board expressing frustration with its strategic direction and financial performance, particularly following disappointing second-quarter results. The fund is calling on the board to immediately engage an investment bank to pursue a sale as the most viable path to restoring shareholder value. Shares of Six Flags rose more than 5% in after-hours trading following the report and carried gains into the next session. Meanwhile, Spanish energy company Repsol saw its stock rise modestly as the company reported revenue reaching EUR 18.33 billion, with shares trading up 0.53% on European markets. The company's financial performance reflects ongoing dynamics in the energy sector as global markets adjust to evolving supply and demand conditions. In Asia, South Korean solar firms Hanwha Solutions and OCI Holdings jumped more than 8% as U.S. restrictions on Chinese solar products remain firmly in place ahead of high-level trade discussions. Analysts indicate that the U.S. is unlikely to ease these trade barriers due to solar energy's growing strategic importance to national security. The trade policies benefit companies like Hanwha by supporting non-Chinese solar manufacturing in global supply chains, highlighting the intersection of energy policy, trade, and national security considerations in the renewable energy sector.

Activist hedge fund Jana Partners is pressing Cooper Companies, a major medical-device manufacturer known for its contact-lens business, to make significant leadership and strategic changes. In a letter sent to the company's board on Thursday and obtained by The Wall Street Journal, Jana called for the replacement of Cooper's chief executive officer and the appointment of a new board chair. The fund also urged Cooper to explore the sale of its core business operations as part of a broader overhaul aimed at addressing what Jana describes as chronic underperformance. Cooper Companies, which operates through two primary divisions—CooperVision for contact lenses and CooperSurgical for women's health and fertility products—has seen its shares decline approximately 34% year-to-date, leaving the company valued at roughly $10.23 billion. Jana Partners, which has been building its stake in Cooper over the past year, attributes the poor performance to issues including sloppy inventory management and undisciplined capital spending. The activist investor argues that these operational shortcomings have hindered the company's ability to compete effectively in the medical-device market. The push from Jana Partners reflects growing pressure on Cooper's management to improve shareholder value amid sustained stock underperformance. Market reaction to the news was mixed, with Cooper's shares advancing slightly following reports of Jana's demands. The situation underscores the increasing role of activist investors in shaping corporate strategy, particularly in sectors where operational efficiency and capital allocation are critical to long-term success. Cooper Companies has not yet publicly responded to Jana's letter, but the demands are expected to spark significant discussion among the company's board and shareholders in the coming weeks.

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