Herbalife Shares Charge Higher Amid Rumor George Soros Going Long (HLF)
Shares of Herbalife (NYSE: HLF) spiked over the $64 level in Wednesday's late-morning trading session following a report from CNBC's Scott Wapner George Soros has taken a "large" stake in the company.
The stock had been trading up more than four percent ahead of the CNBC headline, jumping another three percent as the news started making the rounds on trading floors. Volume in the stock also spiked very sharply following the rumor.
Just over two million shares had traded hands by 11:00am EDT; with about 30 minutes left in the morning session, over six million shares have been traded.
Shortly after the Wapner report, another CNBC reporter David Faber tweeted:
Soros has nothing to do with $HLF position, but firm is loaded up on hopes for dutch tender and resultant short squeeze.
— DAVID FABER (@davidfaber) July 31, 2013
The tweet implied Soros is not necessarily interested in making any kind of activist move on Herbalife, but rather likes the current environment the Carl Icahn and Bill Ackman debate has created.
With all the action in this name recently, analysts will surely be commenting on the rumor over the course of Wednesday and Thursday's sessions. Stay tuned...
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.