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Herbalife up 4% after retaining Moelis as strategic advisor

Shares of Herbalife (HLF) are moving higher in pre-market trading after the company announced it has retained Moelis & Company as its strategic advisor and that it expects to exceed its previously announced quarterly guidance of $50M of the repurchase authorization in upcoming quarters. The stock moved lower last week after Pershing Square's Bill Ackman announced a short position in the name. Herbalife shares are rallying 4.5%, or $1.23, to $28.50 in pre-market trading.