Morning Movers: Ackman Calls Herbalife Pyramid Scheme, Bed Bath & Beyond Disappoints
Shares of Herbalife (NYSE:HLF) gained 0.43 percent Thursday in pre-market trading. Hedge-fund manager Bill Ackman announced he has been shorting the nutrition company for months and called it a “pyramid scheme.” Herbalife CEO Michael O. Johnson responded by saying Ackman’s actions were “blatant market manipulation” and hopes the SEC takes action.
Apple (NASDAQ:AAPL) shares edged slightly lower during early morning trading. Speculation has grown that a number of states are competing to be the site of a multi-billion dollar project code-named “Azalea.” The project is thought to be owned by the Taiwan Semiconductor Manufacturing Company, which reportedly wants to build a factory in the U.S. that would fabricate semiconductors for Apple products.
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Bed Bath & Beyond (NASDAQ:BBBY) shares dropped 4.86 percent after reporting financial results for the fiscal third quarter. Net earnings came in at $1.03 per diluted share, compared to 95 cents per diluted share in the same period last year. However, revenue came in a bit lighter-than-expected at $2.7 billion.
Shares of General Motors (NYSE:GM) plunged 0.29 percent Thursday morning. The U.S. Treasury Department outlined a plan on Wednesday to sell close to half of its stake, or 200 million shares, back to General Motors for $5.5 billion by the end of the year. Shares will be sold for $27.18 each. The remaining 300.1 million shares will be sold in the next 12 to 15 months.
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