Herbal Life shares fell recently on unconfirmed news. Now Bill Ackman has scored a gross profit of about $260 million on his $1 billion short bet against the nutritional supplements company, based on an estimated 20 million shares shorted at an average price of $50. Loeb, who bought 8.9 million shares at an average price of $32, is up $44.5 million.
Monday, February 4, 2013
On January 16, Bill Ackman put pressure on Procter & Gamble when he publicly criticized current CEO Bob McDonald for the company’s lackluster performance. “It’s unlikely that Bob McDonald is the right CEO for the company, based on his track record there,” Ackman told CNN. Later, he added, “If the current senior team can’t do it, we expect the board to make a change.”
However after the latest earnings report, Ackman let up on McDonald somewhat, after the company reported stronger-than-expected quarterly earnings.
“I think based on the past three years at P&G, it certainly looked like Bob is not the right guy for the company,” he told CNBC. “But if the company can make dramatic progress, and I think this quarter is an indication of very significant progress, then I hope Bob can be successful and can make it.”