NEW YORK (TheStreet) -- Shares of Herbalife (HLF) were up 1.67% to $40.88 in after-hours trading Monday after the stock plunged in late afternoon trading on speculation that billionaire activist investor Carl Icahn would liquidate his position in the company.
TheStreet's Doug Kass tweeted late Monday afternoon that there was some unconfirmed chatter about Icahn's selling his stock in the nutrition and weight management company. The speculation sent Herbalife below $39 for the first time since August 2013.
But Fox Business Network's Charlie Gasparino tweeted after the market closed that Icahn had not sold any shares and had no option position either, and the stock rebounded slightly after hours.
Herbalife closed down 10.31% to $40.21 on Monday. More than 4.9 million shares changed hands, nearly double the average volume of 2,597,020.
Separately, TheStreet Ratings team rates HERBALIFE LTD as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate HERBALIFE LTD (HLF) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself."