Market Overview

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

Share:
Related PG
Non-Horrible Bosses: Meet The Best CEOs Of 2017
UBS Is Cautious On Hain Celestial, Campbell Soup And Conagra Following Whole Foods Deal
Good Companies From Warren Buffett's Portfolio (GuruFocus)

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

Procter & Gamble Co (NYSE: 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.

Posted-In: Pre-market outlookRumors Technicals Intraday Update Movers Trading Ideas

 

Related Articles (PG)

View Comments and Join the Discussion!