Nelson Peltz Hasn't Raised His Stake In Legg Mason (LM)-WSJ
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The WSJ is reporting that contrary to a story out of the Telegraph yesterday, activist investor Nelson Peltz has not increased his stake in Legg Mason (NYSE: LM).
Legg Mason surged in recent days on press speculation that Peltz added to his approximately 700k shares he already owned, but the Journal said his position still remains around 1%.
After gaining about 11% yesterday on the news, shares of Legg Mason continued higher this morning, trading up as much as 9%. As the WSJ broke the news, or rumor, rather, the stock plunged nearly 9% in just minutes. Momentum in the stock seems to be to the downside now, and the stock most recently traded at $24.08, down 1.7% from yesterday's close.
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