– Shares of Herbalife slumped 20% after the company announced a $250 million convertible debt offering, the proceeds of which will be used for general corporate purchases and to buy back existing debt.
Semiconductor stocks – Semi stocks Advanced Micro Devices and Nvidia fell 4% and 3.1% respectively amid a broader selloff in the Nasdaq. – Shares of GitLab rose 5% after the company reported better-than-expected earnings with a smaller loss than Wall Street anticipated. The company also issued a rosy outlook.
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