The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content



Why investors are cheering Ackman's sale of CP shares

Pershing Square Capital Management unloaded about a third of its investment in Canadian Pacific Railway Ltd. – and so far, rail investors seem to like the news: CP shares touched $150 in early trading on Friday, up about $2 and near a record high.

When a smart, plugged-in investor unloads a position in a company, the move often sends up a caution signal for the stock. If the smart investor can’t see much upside, why would anyone else?