Mondelez stock falls as Pershing sells shares
NEW YORK (AP) — Shares of snack maker Mondelez are down after Bill Ackman's Pershing Square Capital dumped 20 million shares.
The sale follows a punishing day this week for Valeant Pharmaceuticals, of which Ackman is a big investor. Valeant shares took their biggest one-day tumble on Tuesday on fears that the embattled drugmaker may default on its debt.
However, Pershing said Thursday that the sale was done for "portfolio management purposes" and that it believes the company will continue to accrue in value.
Still, shares of Mondelez International Inc. fell almost 3 percent.
Ackman is under pressure on other fronts.
He launched a very public campaign against Herbalife, saying he's betting against what is essentially a big pyramid scheme. Herbalife's stock is up about 11 percent for the year.