Hedge fund eyes new target

Pershing Square Capital Management seems to have a new target in its sights. The hedge fund has disclosed that it has acquired an 11.3 percent stake in Ceridian Corp., which provides HR and electronic fund transfer services. Relational Investors, also with an activist bent, owns another near 5 percent stake. You have to wonder if the Minneapolis-based company is the next McDonald's. Recall that Pershing general partner William Ackman waged a campaign for McDonald's to spin off some restaurants and focus on franchising. He says he is not interested in a change of management, but that does not mean he won't publicly press for change. This could be a battle to keep your eye on--you have to wonder if other hedge funds will swarm in.

For more:
- here's a New York Post article