Herbalife Ltd. Shares Surge Higher Only To Reverse Gains Following Fox Business News Tweet

Charles Gasparino of Fox Business News tweeted that

informed its investors that the FTC will not shut down the company, but it does expect some disciplinary action.

Shares of Herbalife surged to an intra-day high of $48.02 following the tweet, but quickly reversed gains and traded to $45.11. Shares rebounded to trade off its lows $46.02. Traders may have initially placed too much optimism in Gasparino's tweet before digesting the entire message and re-evaluating the news.