Consumer
Nike Rises After Bill Ackman’s Pershing Square Discloses Stake
- Sportswear firm jumps as much as 5.5% in late trading
- Ackman takes ‘quieter approach’ with management these days
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Nike Inc. shares gained in late trading after Pershing Square Capital Management LP disclosed a new stake in the world’s largest sportswear company.
The investment firm run by Bill Ackman revealed in a regulatory filing Wednesday afternoon that it holds about 3 million shares in Nike worth $229 million even as the retailer tries to turn around a sales slump.