JANA Partners, founded by Barry Rosenstein, is pressuring Cooper Companies to enhance shareholder value and improve capital allocation. The hedge fund may suggest merging Cooper’s contact-lens business with Bausch + Lomb. Cooper’s stock is down 22% this year after cutting its revenue outlook in August due to weak demand. CNBC contacted Jana for comment.

Read more at CNBC: Activist investor Jana Partners takes stake in Cooper Cos., WSJ says