Bill Ackman would like to thank all of you for buying his shares of Target, much appreciated!

Just another quick hedgie update, this one

from Dow Jones Newswires’ Amy Or, on

Bill Ackman at Pershing Square Capital Management.

(ever notice how they spew their buys on CNBS and then

quietly sell off the air?)

Wall Street Journal

11/18/10

Here’s the story based on his latest holdings filing:

Activist investor Bill Ackman’s Pershing Square Capital Management has exited restaurant-chain owner Yum Brands Inc. for the quarter ended Sept. 30, according to regulatory filings.

Yum owns KFC, Pizza Hut and Taco Bell.

In the SEC filing, Ackman also disclosed reduced stakes in both Kraft Foods Inc. and Target Corp. in the third quarter.

Last month, Ackman, an activist investor who often takes large stakes in the handful of companies in which he invests, disclosed a 16.5% stake in J.C. Penney Co. and said it is teaming up activist efforts with Vornado Realty Trust. The fund manager, now the department store’s largest shareholder, said J.C. Penney’s real estate portfolio is better than its competition and that it has “untapped potential” as it hasn’t fired any staff during the crisis.

He has also disclosed an 11% stake in Fortune Brands Inc., as he felt the shares are undervalued.