Herbalife (HLF) Not “Pyramidist” Business; Citigroup (C) Posts Better-Than-Expected Profits
Herbalife Ltd. (NYSE:HLF) shares soared more than 21% to touch a new 52-week high of $72.22 in early trade Friday after the company said that it has reached a settlement agreement with regulators from the Federal Trade Commission
As part of the deal – that includes a $200 million payment to the government agency -, the global nutrition company will make changes to some policies that already exist aiming to avoid pyramid scheme label.
Additionally, Herbalife gave green light to Carl C. Icahn to boost to up to 34.99% his stake in the company – from a prior maximum of 25%-.
HLF stock is changing hands at $64.47, up $5.11 (or +8.61%) and 30.10M of its shares were traded so far, a large increase in activity versus its average volume (3m) of 1.15M
Herbalife, which develops and sells weight management, healthy meals and snacks, sports and fitness, energy and targeted nutritional products, has 92.80M Shares Outstanding and HLF stock new one-year range is from $42.26 to $72.22 per share
Citigroup Inc. (NYSE:C) delivered in its financial results quarterly revenue and profit numbers above Wall Street analysts’ expectations
For the second quarter 2016, Citigroup posted revenues of $17.55 billion and net income (excluding non-recurring items) of $4.0 billion, or $1.24 per diluted share, topping the Capital IQ Consensus Estimate of $1.10 earnings per share on revenues of $17.48 billion for the period
C stock is currently trading in negative territory by 0.36% (or -$0.16) at $44.29, and 22.08M shares of the company changed hands so far
Citigroup, a financial services holding company, has 2.93B Shares Outstanding and C stock 52-week range is between $34.52 and $60.95 per share
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