Herbalife Could Announce More Than Earnings After The Close

Herbalife Ltd. HLF shares have traded down some 2 percent ahead of an important news item after the close Thursday: the company's fourth-quarter earnings report.

But something else could be in the waiting with the company's results.

Amid a long-held stake by notable activist investor Carl Icahn, some investors have recently viewed Herbalife strategically -- most notably via either M&A or some kind of large-scale buyback.

Bottom line: Herbalife is either about to get very interesting, or very boring.

Below are a couple scenarios which could be announced after the close.

A Tender Or Buyback

If the company decides a buyback of shares via a tendered offer is most appropriate for shareholders right now, Icahn's influence maybe removed. As a lot of the exciting stuff in Herbalife has surrounded Icahn's involvement, his separation may mean quiet times for company shareholders ahead.

M&A

If Herbalife discloses some kind of transformational acquisition, the excitement in Herbalife could remain for some time.