MLM Giant Nu Skin (NUS) Sees Profit Taking Following Improved Outlook
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On Tuesday night, Nu Skin boosted its second-quarter 2013 outlook, now seeing revs of $680 million with EPS of about $1.20. At the time, the Street was modeling revs of $579 million and EPS of 96 cents.
Volume Wednesday was 7.6 million shares, which compares with Nu Skin's daily average of just under 1 million shares trading. The stock jumped 19.2 percent on yesterday's session.
Notably, short interest on Nu Skin fell 19.2 percent from the middle through end of June, to 2.91 million shares, or 5.5 percent of float.
The name is a trader favorite, given its MLM status and current hedge fund battle over viability of peer Herbalife (NYSE: HLF). More action is likely to be seen in the name as the year progresses.
Shares of Nu Skin are down 2.7 percent with about 2 million shares crossing.
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