Nu Skin Enterprises Inc. plunged the most ever after the Chinese government said it would investigate the maker of skin-care and nutritional products following a Chinese newspaper’s report that Nu Skin was a “suspected illegal pyramid scheme.” Shares of other direct sellers such as Herbalife Ltd. and Usana Health Sciences Inc. also dropped.
With Obamacare bearing down on them, a doctors’ group said emergency rooms are less able to provide quality care, and more resources will be needed to handle an expected surge of patients from the new law.
Nu Skin Enterprises Inc. Chief Executive Officer M. Truman Hunt, who oversaw a sevenfold gain in the direct-seller’s shares in the past seven years, is facing the biggest test of his tenure after a state-run newspaper in China said his company runs a pyramid scheme.
Steven Cohen’s SAC Capital Advisors LP, which is shutting down its investment advisory business after pleading guilty to securities fraud, was among the biggest winners today as shares of Intercept Pharmaceuticals Inc. almost quadrupled following a successful drug trial.
Kris Jenner, the former top stock picker at T. Rowe Price Group Inc., has raised more than $100 million for a hedge fund to invest in health-care and biotechnology stocks, according to a person with knowledge of his plans.