Third Point trims Baxter stake over 11%; "pleased" with CEO's performance

• Institutional shareholder Third Point pares its stake in Baxter International (BAX +0.4%) to 8.5% from 9.6% after selling a block a 5.9M shares. Chief Dan Loeb says he does not intend to sell any more for at least 90 days. The decision to sell was due to valuation after its stake "approached concentration limit guidelines."
• Mr. Loeb adds that he is "pleased" with the performance of CEO Joe Almeida and is "confident" of his ability to continue to create value for shareholders.
• Source: Bloomberg