Herbalife Ltd. rose the most in more than four months, signaling that Carl Icahn’s prediction that rival hedge-fund manager Bill Ackman would become the victim of the “mother of all short squeezes” may be coming true.
Industrial production declined in April by the most in eight months, indicating American manufacturers will provide little support for an economy beset by weaker global markets and federal budget cuts.
Herbalife Ltd., the nutrition company at the center of a battle between hedge-fund managers Bill Ackman and Carl Icahn, raised its 2013 earnings forecast as first-quarter profit topped analysts’ estimates.
Georgia-Pacific LLC, the U.S. paper and pulp producer controlled by the Koch brothers, agreed to buy Buckeye Technologies Inc. for about $1.45 billion to add cellulose products used in baby wipes and tires.
David Einhorn, the hedge-fund manager who oversees $8.8 billion, relied on derivatives earlier this year to raise his bet on Marvell Technology Group Ltd. without falling under regulations designed for corporate insiders.
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.