The stock closed up 0.7 percent at $42.28. Since January, it has dropped 12.7 percent. The 56-year-old investor bought his stake in Campbell after Chief Executive Denise Morrison unexpectedly stepped down in May. She left after the company gave a bleak forecast for the year and said it would embark on a review of its many brands. Rival activist shareholder Carl Icahn also considered an investment in Campbell, but decided against it because the family dynamics would make it tough to press for big changes, according to a source familiar with the matter. Icahn's office declined to comment. Campbell's annual meeting was held early last November, which means that Third Point would have a relatively short period of time to nominate potential directors if Loeb plans to mount a board challenge later this year.