Shares of Herbalife are up more than 3 per cent as executives from the multi-level marketing company that sells nutrition products rebut hedge fund manager Bill Ackman’s short thesis.
The stock has been trading in a range of $39.18 to $40.99.
Ackman, who runs Pershing Square Capital Management, is shorting 20 million shares of Herbalife. He believes the company is a pyramid scheme and has a price target of zero.
Since confirming his short, the stock is off 6%. It had been off more than 38%.
Herbalife is refuting his claims right now.
Check out the chart:
Photo: Yahoo Finance
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