Loeb has sold a portion of his long HLF position. This explains the goofy tape on Friday. It started off as a short squeeze launch and then fizzled during the day. With Loeb bailing, there is less chance of a squeeze.
The pros will be going up and down as the wind blows to ride with icahn. Ackman is hosed and so are the unhedged shorts. Chapman was also likely buying hard Friday. These guys know the story AND the game, and they are going to push Ackman's face in it on the big boy playground.