ANALYST: Whoever Sold Bill Ackman Those Herbalife Options Is 'Very Lucky' And They'll Have The 'Winning Hand'

D.A. Davidson analyst Timothy Ramey, who covers Herbalife's stock, is out with a note today following Bill Ackman's repositioning on his $1 billion Herbalife short position in an effort to reduce risk.  According to an investor letter released late last night, Ackman's Pershing Square swapped more than 40% of its equity short position in Herbalife for put options. With those puts, Ackman will profit if the stock declines below his strike prices.  He will only lose a little bit per share if th...