Canadian Pacific Railway Limited (USA) (NYSE:CP) shares are trading very volatile in the opening session and pared its hefty gains. The stock turned lower by over 1% after gapping up around 4%.
Investors reacted to the company’s filing this morning that Hedge fund manager William Ackman’s Pershing Square Capital Management has taken a 12.20% stake in the company’s equity in order to discuss about the company’s s “business, management, operations, assets, capitalization, financial condition, governance, strategy and future plans.”
Ackman is one the most popular investor, who usually takes big stakes in the public companies and work with management to boost their businesses.
Shares of CP are now trading lower by 0.56% to $64.21 with more than 1.04 million shares traded hands within first twenty minutes of the trading session, compared to its 30-Day average volume of 2.38 million shares. The stock has given almost flat return year-to-date. The stock has a 52-week range of $44.74-$69.92. The company has market capitalization of $10.88 billion.
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