Herbalife climbs after Loeb's Third Point reports large stake

theflyonthewall.com

Nutritional supplement retailer Herbalife (HLF) is rising after hedge fund Third Point reported in a regulatory filing that it had obtained an 8.24% stake in the controversial company. Daniel Loeb manages Third Point, which filed its stake in Herbalife as passive, meaning the hedge fund does not intend to pressure the company's management to take certain actions at this time. Third Point’s stake in Herbalife puts it in direct opposition with Bill Ackman of Pershing Square, who has a large short position in the company, and has called Herbalife a pyramid scheme which is poised to collapse. In mid-morning trading, Herbalife gained $1.71, or 4.46%, to $40.06.

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