NEW YORK (AP) — Shares of snack maker Mondelez declined 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 2 percent in midday trading.
Ackman is under pressure on other fronts. He launched a very public campaign two years ago against Herbalife, saying he's betting against what is essentially a big pyramid scheme. Other high-profile investors pumped money into the nutritional supplement company after Ackman's charges, and it shares have taken off to his detriment.
Herbalife's stock is up more than 11 percent this year.
Ackman has stuck by those calls, even as Pershing Square takes a hit.
The hedge fund's month-to-date returns for investors fell 8.1 percent, Pershing reported this week. Returns to-date this quarter have tumbled 26.4 percent.