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Sell The News In Coty

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

Coty Inc (NYSE: COTY) shares were trading lower by $2 (6 percent) at $29.52 in Thursday's session. The issue is way off its high for the day that was made off the open at $32.06.

It appears investors used the closing of the deal to merge some brands with Procter & Gamble to exit the issue.

Coty had a nice pop -- from $26.05 to the recent high for the move at $32.72 -- when the deal was first announced and stagnated at $32 level for several sessions until giving way in today's session.

The sharp decline off the open found support at $28.26 and has rebounded into the $29 handle.

Today's price action is taking place on much heavier than average volume. So far, 5.2 million shares have traded compared with 20-day average of 2.31 million.

Posted-In: Technicals Intraday Update Movers Trading Ideas

 

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