The Oprah Touch: Weight Watchers Skyrockets After Icon Takes Stake

Shares of Weight Watchers surged higher on Monday after the company

it will partner with Oprah Winfrey. As part of the agreement, Winfrey acquired a 10 percent stake in the company and will join the firm's Board of Directors with an option to acquire an additional five percent. By early Monday afternoon, the stock was trading higher by nearly 97 percent at $13.36. However, the stock is still significantly lower from its 52-week high of $29.84. Investors and traders heavily bought the issue with the hopes that a powerful icon like Winfrey can re-invigorate the company's slumping sales. According to Weight Watchers' press release, Winfrey was "compelled by the proven Weight Watchers program" and will introduce new initiatives to "broaden the company's mission to prioritize overall health and wellness." "Weight Watchers has given me the tools to begin to make the lasting shift that I and so many of us who are struggling with weight have longed for," said Oprah Winfrey. "I believe in the program so much I decided to invest in the company and partner in its evolution." "Weight Watchers and Oprah Winfrey make a powerful combination," said Ray Debbane, Chairman of the Board of Directors, Weight Watchers. "Oprah is a force of nature in connecting with people on a very personal level to live inspired lives. This partnership will accelerate our transformation and will meaningfully expand our ability to impact many millions of people worldwide."