Deals
Best Buy Call Trades Jump on Speculation Ackman Buys Stake
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Best Buy Co. rose and call-option trades jumped to quadruple the full-day average over the past four weeks on speculation that billionaire investor William Ackman bought a stake in the retailer.
The trading was spurred by speculation that Ackman’s Pershing Square Capital Management LP hedge fund “purchased a stake in the company,” Patrick Mortimer, director of options trading at Pipeline Trading Systems LLC in New Hope, Pennsylvania, said in a report to clients. “Option players are taking a bullish stance.”