The herbal supplement industry got a shot in the arm Monday, as GNC Holdings Inc. said it reached an agreement with the New York Attorney General, affirming that GNC's products were in full compliance with the Food and Drug Administration. GNC said tests conducted internally and by third parties showed that its products are safe, pure, properly labeled and contain all herbal extracts listed on their labels. Earlier this month, the NYAG led a coalition to further probe the herbal supplement industry, after an announcement in February that test showed that the bulk of store-brand herbal supplements at major retailer in New York didn't contain the labeled ingredients. GNC's stock, which was still inactive in premarket trade, has lost 2% year to date, while the S&P 500 has gained 0.1%. Vitamin Shoppe's stock rose 1.5% in light premarket trade, after shedding 17% year to date through Friday. Among shares of others named in the NYAG probe, Target gained 0.7% ahead of the open, while Wal-Mart Stores and Walgreens Boots Alliance were inactive.
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