Ding-Dong Avon Buyers PTG Capital Is Not Calling

'' Avon Products

shares are trading higher by $0.40 at $7.07 in Thursday's session. Earlier in the day it traded up to $8 off a false SEC filing that indicated the company had received an offer from PTG Captial. Avon Products went to say it has no proof of the it being an actual firm. Interestingly, the hoax has taken place on the exact same day the issue established a seven-year low at $6.55, coming down from its $45.34 high established in August 2008. The buying frenzy came to abrupt halt at $8, which is below the trio of highs between $8.21 and $8.32 from May 1 through May 5. Obviously, someone was on the selling end of the hoax as the shares peaked around noon, well ahead of the questioning of the validity of the report. Perhaps the perpetrators behind the hoax were selling into the false rally either to exit a long or establish a short position. Since making the high, the issue has declined to $6.87 but has now recovered above the $7 level.