Shares of Herbalife Ltd. (HLF) are higher by nearly $12 in pre-market trading on Friday after the company said that it was in discussions with The Federal Trade Commission about a possible resolution of an investigation into its business practices. The probe was prompted by Bill Ackman, whose hedge fund unveiled a $1 billion short position on the name in Dec. 2012
“No assurances can be given that the outcome of these matters will not have a material adverse impact on the company’s business operations, its financial condition or its results of operations,” the nutritional supplements co. said in an SEC filing late Thursday afternoon.
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Vivint Solar, Inc. (VSLR) shares are spiking by nearly 38 points to $8.10 in pre-market trading on news a Delaware court denied an injunction filed by David Tepper’s Appaloosa Management attempting to block a key aspect of SunEdison’s (SUNE) pending acquisition of Vivint.
“We are gratified that the court denied the injunction and now we look ahead to continuing to navigate current market conditions,” SunEdison said in a statement released Thursday evening.
Shares of SunEdison rallied 30% in early morning trading.
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Baidu, Inc. (BIDU) shares are up $17.18 to $175.40 in pre-market trading Friday after the company reported a 33% increase in quarterly revenue.
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J. C. Penney Company, Inc. (JCP) rallied 16% to $9.70 in pre-market trading after it reported fiscal-fourth quarter earnings.
The department store chain handed in earnings of $0.39 per share on revenue of $4.00 billion, beating Wall Street estimates of $0.22 per share on revenue of $3.99 billion. Comparable store sales rose 4.1% in the quarter, which helped boost adjusted EBITDA to $381 million – a 40% improvement YoY.
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