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Carl Icahn buys 2.3 million Herbalife shares, flouting Bill Ackman's prediction

A long-running feud over Herbalife Ltd. between billionaire hedge fund managers Carl Icahn and Bill Ackman heated up Friday, with Ackman saying that Icahn was looking to sell his stake in the Los Angeles maker of nutritional supplements and Icahn saying that's not the case.

Icahn said Friday afternoon that not only is he not looking to sell, but he also just bought more than 2 million Herbalife shares. Even before Friday’s purchase, he was the company’s biggest shareholder.

Icahn said Ackman, who has called Herbalife a pyramid scheme and made a $1-billion bet that the company would be shut down, has become obsessed with the company.

“Obsessions concerning the value of stocks are the undoing of many investors because they often blind you to the facts,” Icahn said in a statement Friday.

Herbalife fell 2.3% in Friday trading, but it shot up more than 4% in after-hours trading after Icahn’s statement.

90 seconds: 4 stories you can't miss Caption 90 seconds: 4 stories you can't miss

Italy's earthquake is a wake-up call for California, Chinese developers pouring billions into downtown L.A., FYF is coming, and Cal State wants to help homeless students.

Italy's earthquake is a wake-up call for California, Chinese developers pouring billions into downtown L.A., FYF is coming, and Cal State wants to help homeless students.

Fed may increase interest rate Caption Fed may increase interest rate

Federal Reserve Chairwoman Janet L. Yellen signaled Friday that another small increase in a key interest rate may be nearing.

Federal Reserve Chairwoman Janet L. Yellen signaled Friday that another small increase in a key interest rate may be nearing.

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Source:   latimes
Source Link:   latimes

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