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  "documentTitle": "Campbell Soup Company (CPB)",
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      "text": "We are on board with [Third Point's] assessment of CPB's current situation. As evidenced by our earnings estimates... Campbell probably has more challenges/weaknesses in its immediate future than any other company we cover. We also agree with [Third Point] that the board of directors \"exacerbated\" Campbell's problems... we concur with [Third Point] that a sale – if achievable – is the best way to create value for shareholders.",
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      "text": "We are on board with [Third Point's] assessment of CPB's current situation. As evidenced by our earnings estimates, which are well below consensus, we are not constructive on Campbell's fundamentals... Campbell probably has more challenges/weaknesses in its immediate future than any other company we cover. We also agree with [Third Point] that the board of directors “exacerbated” Campbell's problems by apparently not having a succession plan in place. Given these problems, plus the fact that the Campbell shares are +28% since bottoming in early June (group median +5%), we concur with [Third Point] that a sale – if achievable – is the best way to create value for shareholders. — J.P. Morgan",
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      "text": "Note: Emphasis from Third Point; quotation from J.P. Morgan report \"Downgrading to Underweight\" (8.10.18) Source: Third Point LLC; J.P. Morgan",
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