William Ackman’s Pershing Square Capital Management LP cashed out of its brief holding in Nike Inc. in recent weeks, for a profit of around $100 million. The activist had taken the stake in the fourth quarter, it disclosed in January, but Pershing Square intended to keep it as a passive bet on a company it believed was undervalued. After the stock jumped some 32% from Pershing Square’s purchasing costs, it sold the stake, people familiar with the matter said.

Source: Wall Street Journal March 22, 2018 17:37 UTC