Family Dollar Stores Up On Ackman Increasing His Stake

Family Dollar Stores, Inc. FDO shares are moving more than 2% after Bill Ackman and Pershing Square filed with the SEC that Pershing Square's stake in the company rose to 8.9% from 4.7%. At Ira Sohn, Ackman said that he had been buying shares of Family Dollar all day that day. Ackman said that as the company's operations improve, shares could reach $70. At last check, shares of Family Dollar were up $1.71 to $53.20, a gain of 3.44% on almost 400,000 shares.