Loeb Sells Portion of Herbalife (HLF) Position, But Still Maintains Stake

February 19, 2013 8:30 AM EST
Herbalife (NYSE: HLF) is active in early trading Tuesday following reports that a large hedge fund manager is taking some profit off the top.

According to CNBC, Dan Loeb -- of Third Point -- has sold a little of his position in the direct-marketing supplements company. Loeb disclosed an 8.24 percent stake in Herbalife on January 9th.

Loeb still has a position in Herbalife, though the exact size wasn't disclosed.

In December, Pershing Square's Bill Ackman went public in saying he was short about 20 million shares of Herbalife. The announcement caused Herbalife to fall sharply, but Loeb's January disclosure of his large stake cause almost all of the initial downside to be wiped out. Activist investor Carl Icahn also recently disclosed a 12.98 percent stake in Herbalife, mostly added following a spat with Ackman in January.

Herbalife shares are indicated higher early.

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