Greenberg: New Year Report -- Herbalife and More

SAN DIEGO (TheStreet) -- With the new year under way, let's get started with a look ahead and an audit of stocks on my Watch List.

When you primarily fly red flags in an almost straight-up market -- which confuses brains in a bull market -- you just keep plowing ahead. I've been there, done that and doing it again.

As longtime readers know, I don't make stock calls. I point out risk. And I don't view a story as having been proven right or wrong just because a stock rises or falls yesterday, today or even last year. (For that reason, I think it's an absurd measurement to judge investment managers on performance in a single 12-month period, but I digress.) Many of these stories can take time -- sometimes a long time -- to play out. They're not calls on the stock, but on risk that can get in the way of a stock. Rising stocks, especially in indiscriminate bull markets, can paper over any number of risks -- until they don't.

Investors in Ulta Salon (ULTA), for example, got a wake-up call earlier in December when its shares lost a quarter of their value in a single day on bad earnings news. Even so, I would argue, the risk of further disappointment continues.

Ulta has long been and continues as a company worthy of red flags -- and remains high on my Stock Watch list.

Among others on the list -- and a few updates:

Herbalife

What more can be said? Either Herbalife (HLF) will do the mother of all buybacks, go private, do some kind of a recapitalization or ... nothing.

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