Radar Movers: Herbalife Attracts More Attention, Apple and Bank of America Decline
After a volatile day of trading, shares of Herbalife (NYSE:HLF) jumped 7.5 percent on Wednesday. Hedge-fund manager Daniel Loeb from Third Point LLC announced he has taken an 8.2 percent position in the nutritional-supplement company. This is the complete opposite of Bill Ackman from Pershing Square Capital Management, who believes Herbalife is a “pyramid scheme” and will reach a price of $0 a share. Herbalife traded almost 3 percent lower in late afternoon hours.