Markets Selling The News In Avon Products, For Now
Avon Products, Inc. (NYSE: AVP) shares are trading higher by $0.20 at $4.29 in Thursday's session. The issue had traded as high as $5.60 in pre-market trading, but could do no better than $4.78 off the opening and has drifted lower since then.
The catalyst for the rally and its rally over last few weeks was the rumored and now official announcement that the company had formed a $650 million strategic partnership with Cerebus Capital Management. Rumors surfaced in early December that Oprah Winfrey was taking a stake in the company, when it was trading at $3.50. As it turns out, it was Cerebus taking a stake in the issue.
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