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Herbalife Under Selling Pressure After Issuing Lower Guidance

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Herbalife Under Selling Pressure After Issuing Lower Guidance
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Herbalife Ltd. (NYSE: HLF) shares are trading lower by $4.40 (5.5 percent) at $69.52 in Monday's session. Investors are exiting the stock after the company lowered Q2 adjusted EPS and revenue guidance.

The lower guidance comes at a bad time for momentum investors that may have piled in the last week, as the stock reached its highest level since January 2014 ($74.82), when it peaked and closed near its high on Friday at $73.92.

After a lower open, Herbalife managed a brief bounce to $70.94 before continuing its move lower. So far, the ensuing decline has taken the stock to $69.24, but it's struggling to remain in the $70.00 handle. If that level is breached, there may be limited support until the pair lows near the $60.00 area from May 23 and 24.

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