Global Payments Stock Climbs After Elliot Management Takes Stake

Global Payments, Inc. GPN are trading higher in Tuesday's extended sessions after the Financial Times reported that activist hedge fund Elliott Management acquired a significant position in the company. 

The Details: Elliot's demands and size of the fund's stake could not be determined, according to the Financial Times. 

Read Next: Rare Earth Royalty: Meet The Power Players Shaping The Industry

News of the stake comes as Global Payments seeks to regain investor confidence following its $24.2 billion purchase of Worldpay earlier this year. Global Payments shares hit their lowest point in a decade following the purchase. 

Elliot Management, with $72.7 billion in assets under management, is one of Wall Street's most prominent activist hedge funds and has recently taken high-profile positions in companies such as BP and Hewlett Packard Enterprise.

GPN Price Action: Shares of Global Payments were up 5.66% at $82 in Tuesday's extended trading, according to data from Benzinga Pro. 

Read Next: 

• Joby Aviation Stock Goes Vertical As Secret, Massive Drone Achieves 9-Hour Flight

Photo: Shutterstock