THE NEWS: Procter & Gamble Co. said Friday that its net income climbed 45 percent in its fiscal fourth quarter, boosted by the sale of its snacks division, and the company said it was making progress with its strategy to reignite growth. Revenue slipped 1 percent.

THE CONTEXT: To improve results, P&G has rolled back some price increases, embarked on a $10 billion cost-cutting plan and fine-tuned its expansion strategy.

ACTIVIST INVESTOR: The pressure is on, because activist investor William Ackman, known for agitating for change at companies, disclosed last month he has a 1 percent stake in P&G.