Prediction: This Bill Ackman Company Will Replace Its CEO by Year End. Here's Why.
The consumer cyclical sector has been one of the worst performers so far in 2024. Within this broader segment, the apparel retail industry has generated just a 0.2% return while the footwear and accessories market has declined 9.8% so far this year.
Given these data points, it's not entirely surprising to see that shares of shoe and clothing company (NYSE: NKE) have cratered by more than 20% in 2024.
While that may spook many investors, Pershing Square Capital Management CEO Bill Ackman sees opportunity. According to his latest 13F filing, the famed hedge fund manager scooped up 3 million shares of Nike during the second quarter. With nearly a quarter of a billion dollars at stake, I think Ackman has some intentions to shake things up at Nike.
Source Fool.com