Hedge fund manager William Ackman appeared on CNBC and revealed stock recommendations as well as his reaction to some of the top news stories this week.
Following is a synopsis.
Lehman Is Different From Bear Stearns
"They're in a tough spot...we bought puts on Lehman almost as a market hedge than a bet against Lehman. If Lehman goes, I think it's bad for the markets generally,” Ackman said.
Ackman On His Latest Bets
"I very rarely like to make stock recommendations, but...I'll point out an 'interesting opportunity…
Also… our friends at quantitative research firm Fusion IQ sort through 1000s of stocks in order to find stocks those that are breaking out or breaking down!
They use parameters including 1) price trend 2) money flow and 3) short interest to come up with these nice looking charts.
Breakout: Piedmont Natural Gas (PNY)