Campbell Soup surprises Wall Street ahead of proxy battle

Campbell Soup got a rare win in its battle with activist investor Dan Loeb's firm Third Point, after the company reported strong sales in its snacks business and an improvement in its soup business in its latest quarter on Tuesday.

Why it matters: Campbell's proxy fight will face a key development next week when shareholders vote on Third Point's proposal to overhaul its board. Loeb has been calling for a breakup of the company after a string of disappointing quarters, and there's no guarantee that this quarter's results will be enough to prove to shareholders that the turnaround plan is working.