Third Point takes stakes in Yum!, Devon-letter

Fri May 1, 2015 9:47am EDT
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BOSTON May 1 (Reuters) - Hedge fund Third Point on Friday told investors that it has taken new positions in fast-food restaurant company Yum! Brands and Devon Energy and thinks U.S. stocks are still attractive because economic data should improve and a near term rate hike seems unlikely.

Third Point said it holds a "significant" stake in Yum! Brands after determining that it has "turned the page on recent trouble in its Chinese business," and said it sees dramatic profit recovery over the next one to two years. (Reporting by Svea Herbst-Bayliss; editing by Richard Valdmanis)