Disney’s stock pops after CNBC says activist investor ValueAct has been building a stake

Walt Disney Co.’s stock
DIS,
+3.45%
rose 3.6% Wednesday, after CNBC reported that ValueAct Capital has been building a stake in the company since the summer. The activist investor has held talks with Disney management and is still building out its position, CNBC reported. ValueAct has waged campaigns at other tech companies, including Salesforce Inc.
CRM,
-0.81%,
Microsoft Corp.
MSFT,
+0.09%
and Adobe Inc.
ADBE,
-1.40%.
The company believes that Disney’s theme park and consumer products businesses with their $10 billion in earnings before interest and taxes are worth a low-$80s stock price. The stock has gained 8% in the year to date, while the S&P 500 has gained 17%.