UPDATE 2-Sears Holdings stock rises on Ackman stake

(Changes sourcing)

ATLANTA, Oct 4 (Reuters) - Pershing Square Capital Management, a hedge fund run by activist investor Bill Ackman, has bought a stake in Sears Holdings (SHLD.O: Quote, Profile, Research, Stock Buzz), according to a source at the fund, and the retailer's shares rose more than 2 percent.

Pershing Square, which in July disclosed ownership of a 9.6 percent stake in retailer Target Corp (TGT.N: Quote, Profile, Research, Stock Buzz), bought 5 million shares in Sears, according to the source.

A Wednesday report on StreetInsider.com said Ackman told an audience about the Sears stake at a charity event in Dallas earlier this week. The report on that Web site said "Ackman also indicated that he was thrilled with the efforts" of Eddie Lampert, the hedge fund manager who controls Sears Holdings.

A Sears spokesman and a spokeswoman for Pershing Square declined to comment.

Pershing Square was instrumental last year in blocking Sears from acquiring the remaining minority stake in Sears Canada it did not own.

Shares of Sears Holdings rose $3.12, or 2.3 percent, to close at $141.40 on the New York Stock Exchange. The shares are off 15 percent so far this year.

(Reporting by Karen Jacobs, with additional reporting by Dan Wilchins in New York)