Target Corporation (NYSE: TGT) has raised the ire of activist investor Bill Ackman a few times over the years, to little effect. Target, which owns roughly 85% of the real estate under its stores, owns more than just discount locations. It's estimated that Target's real estate holdings alone are worth $30 billion. That's on top of the $50+ billion it makes every fiscal year in revenue. Does Target's share price reflect that fact?

Longtime Target Corporation (NYSE: TGT) supporter and share activist Bill Ackman has finally had enough. Not content with Target's board and wishful thinking that the retailer's fortunes will turn around any time soon, Ackman wants to replace at least four board members on Target's board. Ackman says his picks have the needed expertise in retail, credit card operations and real estate.

Target Corp. (NYSE: TGT) has had its hands full in the past few quarters. Larger competitor Wal-Mart Stores Inc. (NYSE: WMT) has been taking all the glory, growing sales every quarter while most other retailers shrink. While Target held all the media's attention during 2007 and much of 2008 -- with cleaner stores, hipper advertising, and a true alternative to the bargain basement -- it's struggled during the recession.

Target's status-quo attitude may not be enough to keep Bill Ackman away, though. The billionaire controls 8% of the retailer's stock and, until now, has not indicated that he's unhappy about Target's current management team.

Today was an odd day as the market rose, but not for many of the reasons we might have thought about yesterday. The FOMC meeting hardly got any notice. Housing starts came in at a gain rather than at a drop, as was expected, and Producer Prices show almost no real signs of wholesale inflation. The other issue in today's rally is that it was not led by financial leaders. Technology enjoyed an up-day after getting a St. Patrick's Day memo and decided to show up in green. Here are today's unofficial closing bell levels:

Dow 7,395.78 +178.81 (2.48%)
S&P 500 778.09 +24.20 (3.21%)
Nasdaq 1,462.11 +58.09 (4.14%)

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This post is part of our feature on Money Winners of 2008. See all 20.

Bill Ackman, who manages the hedge fund Pershing Capital, was one of the first major investors to realize what poor shape Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) were in. He warned that the apparent back-up of the federal government wasn't going to do investors much good unless the company fell apart and had to be bailed out.

"It doesn't matter what the rating agencies say about their capitalization," Ackman told CNBC. "Implicit guarantees don't work in the market that we're in now." And he turned out to be right, of course. Ackman was shorting the debt of Fannie and Freddie.

While Ackman has had to take some heat from investors who blame him for profiting off Fannie and Freddie's collapse, some critics say he was a bloodsucker, others point to his keen analysis as the reason we should allow short selling: it's the only way to offer an incentive to investors not to believe the hype.

After a rather nasty stock slide in earnings, share price and reputation MBIA Inc. (NYSE: MBI), the holding company for MBIA Insurance, has finally reported good news for its depressed investors; for the second quarter of 2008 the company's net income was $1.7 billion, or $7.14 per share, an improvement, compared with $211.8 million, or $1.61 per share for the corresponding period of 2007(see more earnings news).

MBIA is generating revenue from existing business but new business has been harder to come by since Moody's and Standard & Poors both downgraded the company from a financial rating of AAA to AA.

Since I recommended the stock on July 29, 2008 it is up 74% rising from $4.92 to the close last Friday of $8.57. It is trading mid-day at $8.80. I will update after todays close.

In other news the company has also announced a law suit against Bill Ackman who shorted the stock and made many public claims that MBIA was destined to become insolvent. MBIA (MBI) And Ackman: Killing The Messenger.