Why Herbalife, Synchronoss Technologies, and Omega Protein Jumped Today
Friday was a quiet end to the trading week on Wall Street, with major benchmarks generally easing slightly lower. The far-reaching impacts of Hurricanes Harvey and Irma became apparent to market participants today, as the monthly employment figures from the U.S. Department of Labor's Bureau of Labor Statistics showed the first drop in jobs in seven years. Yet most acknowledged the short-term nature of that setback, and the positive mood that has prevailed in the stock market for a while generally persisted. Some specific stocks saw big gains, and Herbalife (NYSE: HLF), Synchronoss Technologies (NASDAQ: SNCR), and Omega Protein (NYSE: OME) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Shares of Herbalife soared 11% after the nutritional supplement specialist announced the results of a tender offer. Herbalife had agreed to purchase up to $600 million in stock at a price between $60 and $68 per share. Those who tendered shares were also given the right to receive an additional payment if Herbalife is taken private within the next two years. Herbalife said that the owners holding 6.7 million shares accepted the offer. Investors were pleased with the results of the tender, but the fact that it wasn't fully subscribed showed that shareholders are confident that Herbalife is actually worth more than the tender price.
Image source: Herbalife.
Source: Fool.com
