06 November 2008

Herbalife shares plunge on disappointing outlook

Forbes.com
Shares of nutritional and weight-loss supplements maker Herbalife Ltd. plunged Tuesday after the company disappointed Wall Street with a weaker-than-expected outlook.

Shares fell $5.99, or 23.5 percent, to $19.46 in Tuesday trading. The stock reached a near four-year low of $17.23 earlier in the trading session.

On Monday, the Los Angeles-based company reported third-quarter profit topping Wall Street forecasts on sales growth in the U.S., Brazil, China and Italy. But, it said the dollar's recent sharp appreciation against major world currencies will hurt fourth-quarter results.

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