Why Nike Stock Gained 11% Last Month
Shares of shoe and athletic apparel company Nike (NYSE: NKE) gained 11.3% during August, according to data provided by S&P Global Market Intelligence. For most of the month, the stock bounced up and down with the S 500. But it created some separation when news broke that Pershing Square had purchased a stake in the business.
Pershing Square is the hedge fund for billionaire Bill Ackman -- a value-minded investor with plenty of name recognition. Therefore, when Ackman buys shares of a company, it tells investors that it's an undervalued opportunity.
On Aug. 14, Pershing Square's paperwork showed that it had a $229 million position in Nike stock. On one hand, that's the smallest position in its portfolio. On the other hand, Ackman's hedge fund is only invested in eight companies, so any position is important, regardless of its size.
Source Fool.com
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