Pershing Square is trading at $46.64, up 4.08%, with financial-sector gains providing context; no clearly reported company-specific announcement explains the October 20 rise. - Pershing Square disclosed a $100 million share-repurchase program and bought 29,037 shares on October 19; the report does not establish a direct connection to today’s move. - The October 26 lock-up expiry remains a potential supply concern, not a confirmed catalyst.