Nike Stock Sprints Higher After The Bell As Bill Ackman's Pershing Square Reveals New Stake
Portfolio Pulse from Adam Eckert
Nike Inc (NYSE:NKE) shares surged in after-hours trading following the disclosure that Bill Ackman's Pershing Square has acquired a new stake in the company. Pershing Square now owns approximately 3.04 million shares of Nike, valued at around $230 million. This move comes amid speculation that Nike could be a target for activist investors, with unconfirmed reports suggesting former Deckers CEO Dave Powers might take over at Nike.
August 14, 2024 | 9:08 pm
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Nike shares surged in after-hours trading after Pershing Square disclosed a new stake in the company, owning approximately 3.04 million shares worth $230 million. This has fueled speculation about potential activist investor moves.
The acquisition of a significant stake by a well-known hedge fund like Pershing Square is a strong positive signal for investors. The speculation about potential activist investor moves adds to the bullish sentiment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Analysts at Gordon Haskett suggested that Nike could be the next target for activist investors following a CEO change at Starbucks, which led to a surge in Starbucks shares.
While the mention of Starbucks is relevant in the context of activist investor speculation, it does not have a direct impact on Starbucks' stock price in the short term.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 20