A Timeline Of Herbalife's Very Interesting Week
The fourth week of August was active for Herbalife Ltd. (NYSE: HLF), with shares trading from $57.10 to $64.49. At the end of the week, Carl Icahn not only kept his position, as reported by the Benzinga Pro newswire on Wednesday, but bought an additional 2.3 million shares.
Here is a timeline of events:
Wednesday, August 24
- 9:30 a.m. - 11:40 a.m. ET: Herbalife trades about 2 percent lower on rumors Icahn is considering selling his stake.
- 11:40 am: Benzinga Pro reports that Icahn isn't selling his stake, according to sources familiar with the matter.
- 12:48 pm: Charlie Gasparino affirms Benzinga Pro’s earlier report that Icahn isn't selling his shares.
Thursday, August 25
- 11:18 am: Carson Block says, "Much of Ackman's thesis on Herbalife has been validated by FTC."
Friday, August 26
- 4:00 am: The Wall Street Journal reports Icahn considered selling his stake to a group including Bill Ackman.
- 8:09 am: Ackman says on CNBC that Icahn is a known seller of the stock, which will accelerate the demise of the company.
- 4:28 pm: Benzinga Pro reports that a filing by Icahn is "Imminent," tells users to expect volatility.
- 4:35 pm: Carl Icahn buys 2.3 million more shares in Herbalife, issues statement saying he believes in the company and discrediting Ackman's earlier reports.
- 4:40 pm: Herbalife shares climb 6.6 percent to $64.49.
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