Bill Ackman Buys Chipotle Stake, Meets with Executives on Changes

It's Apple's ( (AAPL) - Get Report ) big day. Apple is expected to introduce new versions of the iPhone and the Apple watch at a media event. It's scheduled in San Francisco for 1 pm Eastern Time. Apple's iPhone 7 is expected to have a faster processor, be more water resistant, have a dual lens camera and no headphone jack. Bill Ackman's Pershing Square has bought a 9.9% stake in Chipotle Mexican Grill ( (CMG) - Get Report ), worth $1.2 billion dollars. The investment makes Pershing Square the second largest shareholder of Chipotle. Reuters says Ackman is talking to management about changes he believes are needed at the company. Chipotle sales are down after a series of food borne illnesses outbreaks in 15 states. San Francisco Federal Reserve President John Williams expects interest rates to rise but more slowly than at any time in history. He told the Hayek Group that it makes sense to get back to gradual rate increases, sooner rather than later.