Nelson Peltz Rumor Doesn't Boost Procter & Gamble Over $80

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Procter & Gamble Co PG shares are trading higher by $0.32 at $79.46 in Wednesday's session. Earlier in the session it rallied to $79.94, when rumors hit the Street that Nelson Peltz of Trian Fund Management was accumulating a stake in the company.

The issue, well off its all-time high of $92.73 that was made in December, has been flirting with the $79 level over the past few weeks, making a new low for the move on Tuesday at $78.94. Over the last three quarters, it has missed EPS and revenue estimates, with the appreciation of the dollar taking its toll.

The strong dollar coupled with a much anticipated hike in interest rates has kept the issue out of favor with value investors.

It is poised to post it third consecutive close under $80 for the first time since early August of last year.

The issue has now backed off its high for the day to the $79.50 level, and is attempting to mount another rally.