Herbalife Shares Skyrocket on George Soros’ Reported Stake

Ackman's nightmare continues

   

Herbalife Shares Skyrocket on George Soros’ Reported Stake

Much to Bill Ackman’s dismay, investing guru George Soros apparently has followed Carl Icahn’s initiative by buying a huge stake in Herbalife (HLF).

Business Insider reports that the Hungarian-American hedge fund manager has taken a long position in Herbalife, the nutrition supplements company whose stock has skyrocketed in the past few months.

This news follows an ongoing battle between Icahn and Ackman — the latter shorted $1 billion in Herbalife stock back in December. After Ackman announced his position in Herbalife, hedgie David Loeb and Icahn made large buys in Herbalife. As a result of HLF’s gains, Ackman has lost about $300 million since going short Herbalife stock.

News of Soros’ reported position pushed HLF up almost 9% as of Wednesday afternoon to 52-week highs above $65.


Article printed from InvestorPlace Media, http://investorplace.com/2013/07/herbalife-shares-skyrocket-on-george-soros-stake/.

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