Few hedge funds, if any, were as happy to see 2016 as than Pershing Square Asset Management and itsfounder Bill Ackman. It was, to employ the rather apropos word of the year, a dumpster fire 12 months, quite literally a year in which even things going right went terribly, terribly wrong, like when the FTC said Ackman was 99.99999999% right about Herbalife but its stock, which Ackman has a $1 billion short bet saying it will go to zero, went up. Some years are like that: They can’t help kicking you when you’re down, with a Thanksgiving divorce, perhaps, or having a tax loss be the best thing that happens to you.
But 2017 is a new year, and Bill is psyched to be a part of the wild psychotic experiment that Trumponomics promises to be. And he’s looking for any sign—even the most ambivalent, mixed-bag sign—that 2017 will be different. And he’s already go two mediocrepieces of news to keep that hope alive.
Valeant Pharmaceuticals International Inc. agreed to sell three skin-care brands including CeraVe to French cosmetics giant L’Oréal for $1.3 billion, the latest effort by the beleaguered drugmaker to unload assets and pare debt.
The sale of the brands to L’Oréal follows swiftly on Valeant’s agreement on Monday to sell its Dendreon cancer business to Chinese conglomerate Sanpower for $820 million.
Chipotle Mexican Grill Inc., more than a year after a string of illness outbreaks linked to its restaurants rocked the company, said its revenue rose in the latest quarter but profit will take a hit as it continues to spend heavily to try to win back customers.