William Ackman's Pershing Square has taken a bet at Starbucks
William Ackman's Pershing Square has taken a bet at Starbucks
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October 9, 2018
William Ackman's Pershing Square has taken a bet at Starbucks
Investor activist William Ackman says his Pershing Square fund has a stake in Starbucks.
Photo:
miguel medina / Agence France-Presse / Getty Images
Breaking news
William Ackman said that his activist hedge fund Pershing Square Capital Management LP has developed an approximately 1.1% stake in the coffee giant
Starbucks
Corp.
SBUX 2.39%
"This is one of the most dominant companies in the industry that we have seen," Mr. Ackman said Tuesday. He revealed the new position in the Seattle-based coffee chain while giving a presentation at the fall conference of Grant's Interest Rate Observer in New York, his first appearance of this type in several months.
Ackman said he believes that Starbucks stock has plummeted recently due to a slowdown in sales at the same store, to the reduction of long-term growth targets, and leadership changes. But he pointed out that sales in the same store have always been positive and that he believes that the US market has room for growth, especially in the Midwest and the South.
Pershing Square has a stake of approximately 1.1% with a value of almost $ 900 million that has accumulated in recent months.
Starbucks shares rose 3.3% to $ 58.41 after Mr. Ackman disclosed the stake. Including that profit, your shares continue to rise less than 2% this year.
(More to come)
Write to Lombard face in cara.lombardo@wsj.com
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ORIGINAL ARTICLE THE WALL STREET JOURNAL
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SOURCE LINK ERESVIRAL.COM https://www.beviral.online
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