Procter & Gamble Shares Get A Boost From Potential Sale Of Beauty Lines

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

Procter & Gamble Co PG shares were trading higher by $0.64 at $78.76 in Tuesday's session. The catalyst for the rally is the potential sale of its beauty product lines to Coty Inc COTY for approximately $12 billion.

The issue has been in the doghouse with investors since making its all-time high on December 29, 2014, at $93.72. The strong dollar coupled with the looming rise in interest rates has made the Street cautious on high paying dividend stocks.

Related Link: Coty-P&G Deal A 'Homerun' If It Happens: Here's Why

For now, it appears to have found a bottom when it reached $77.10 on June 8. That low coincides with its August 2014 ($77.29) on its way to its all-time high.

Off the open, it almost reached its highest level since making low at $79.60, which was just shy of its June 10 high at $79.79. Since making the high, it declined to $78.54 and now is attempting to remain in the $79 handle.