Bill Ackman Takes 11% Stake In Fortune, Says CNBC, Stock Soars

Moments after news hit that Bill Ackman was taking an activist stake in JCPenney, CNBC is reporting that the hedge fund manager took an 11% activist stake in Fortune brands, making him the biggest shareholder.

In both cases, news about the activist stake appeared to hit markets before the filing was published by the SEC.

JCPenney’s stock soared yesterday, before Pershing Square’s filing with the SEC, notifying them of whi 16.5% stake, was published.

And today, CNBC cited a source who told them Ackman also took an 11% in Fortune, ahead of Pershing Sqaure’s filing with the SEC.

(It’s still not up yet.)

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at