Sell The News In Coty Inc.

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

Coty Inc. COTY shares are trading lower by $2 at $29.52 in Thursday's session. The issue is way off its high for the day that 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, which had nice pop from $26.05 to the recent high for the move at $32.72 from when the original deal was announced 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 in the $29 handle. Today's price action is taking place on much heavier than average volume. So far, 5.2M shares have traded compared with 20 day average of 2.31M.