Starbucks spikes on report that Bill Ackman has added to his stake in the company

Reuters / Richard Brian

Bill Ackman, chief executive officer and portfolio manager at Pershing Square Capital Management.

Starbucks shares jumped by as much as 5% Tuesday on news that the hedge fund billionaire Bill Ackman added to his stake in the coffee retailer.

According to CNBC's Leslie Picker, Ackman disclosed the additinoal stake at a conference in New York. He had previously announced a stake in August.

This story is developing ...

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