Bill Stiritz paid scant attention to Herbalife Ltd. until a televised smackdown in January between billionaire hedge-fund activists Carl Icahn and Bill Ackman, who claims the nutrition company is a pyramid scheme. Icahn’s rebuttal convinced Stiritz to take a closer look.
Prospects for a recovery in U.S. corporate profits this year are dimming after third-quarter earnings growth slowed and the federal government’s shutdown hindered trade and threatened to crimp consumer spending.
U.S. stocks fell, after the biggest tumble in five weeks for the Standard & Poor’s 500 Index, amid concern that President Barack Obama and Congress will fail to agree on a budget by the end of the year.
U.S. stocks rose for the week, sending the Standard & Poor’s 500 Index above 1,700 for the first time, as central banks vowed to maintain stimulus and data showed economic growth beat projections in the second quarter.