Why Herbalife Ltd. Stock Popped More Than 10%
Shares of Herbalife Ltd. (NYSE: HLF) were surging today after the company announced the results of a self-tender offer, or an offer to buy back its stock from investors.
The nutritional supplement company had offered to purchased up to $600 million of its stock at a price between $60 and $68 and said it had acquired 6.7 million shares in that range. The market seemed to interpret investors' relative unwillingness to sell as a positive, and pushed the stock up 11.2% at closing.
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Source: Fool.com