Charles Gasparino of Fox Business News tweeted that Herbalife Ltd. HLF informed its investors that the FTC will not shut down the company, but it does expect some disciplinary action.
Market News and Data brought to you by Benzinga APIs.$HLF tells investors FTC will NOT shut down the co but it expects some disciplinary action more @MelissaAFrancis 2pm @FoxBusiness
— Charles Gasparino (@CGasparino) October 7, 2014
Shares of Herbalife surged to an intra-day high of $48.02 following the tweet, but quickly reversed gains and traded to $45.11. Shares rebounded to trade off its lows $46.02.
Traders may have initially placed too much optimism in Gasparino's tweet before digesting the entire message and re-evaluating the news.© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in