Retail

Icahn Now in Herbalife Fray?

Hedge fund Pershing Square Capital Management and its CEO, William Ackman, made a lot of waves (and headlines) with Ackman’s takedown of Herbalife Inc. (NYSE: HLF). Calling the weight loss and nutritional supplement company a “pyramid scheme,” Ackman said he had taken a massive short position in the shares. Herbalife’s shares tanked.

Another hedge funder, Dan Loeb, of Third Point took the bet yesterday, announcing that he had acquired more than 8% of Herbalife. And now, to make the story even more interesting, the New York Post reports this morning that activist investor Carl Icahn may have sided with Loeb. Citing “sources,” the Post said, “Icahn is also believed to have taken a long position in Herbalife.”

Icahn has not commented on the Post’s report.

Herbalife’s shares gained about 4% yesterday and are up about 25% since the beginning of the year, after falling more than 40% after Ackman made his presentation. Herbalife is scheduled to present its rebuttal today at 9 a.m. ET.

Shares of Herbalife closed last night at $39.95 and are up about 3% in premarket trading this morning, at $41.15. The stock’s 52-week range is $24.24 to $73.00.

Are You Still Paying With a Debit Card?

The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.

Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!

Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!

 

Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.

AI Portfolio

Discover Our Top AI Stocks

Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.

You can follow him investing $500,000 of his own money on our top AI stocks for free.