General Growth jumps after hedge fund investment

Struggling General Growth Properties Inc. rallied Tuesday after disclosing an investment from hedge fund manager Pershing Square Capital Management LP. General Growth stock nearly doubled in morning trading.

New York-based Pershing Square Capital bought 20.1 million shares of General Growth Properties stock this month, giving it a 7.5 percent stake in the company. It also has options on an additional 33.4 million shares for a total of a nearly 20 percent stake.

Chicago-based General Growth Properties reported a $15.4 million loss for its latest quarter. It has suspended its shareholder dividend and halted plans for new development. The company, facing a looming deadline for maturing

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