Nike gains after Ackman's Pershing Square raises stake

Pershing Square Holdings

15/11/2024 11:12

** Shares of sportswear giant Nike  NKE.N  up 1.2% at $76.58
before the bell 
    ** Billionaire William Ackman's Pershing Square raises stake
in the company to 16.3 million shares from 3.04 million
    ** In August, Ackman returned as a stakeholder at Nike at a
time when it battles with strategy missteps and tough
competition
    ** Nike in September named company veteran Elliott Hill as
the new CEO, replacing John Donahoe, to revamp the business and
revive sales
    ** Following Hill's appointment, Nike in October withdrew
its annual forecast paving a fresh path for the CEO 
    ** Up to Thursday's close, stock had fallen over 30% so far
this year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; X: https://twitter.com/AnanyaMariam))