Consumer Sector Review: Avon Investigation, Stoneridge Q4 Reports
Avon Products, Inc. (NYSE:AVP): Federal prosecutors, investigating if U.S. executives at Avon Products (NYSE:AVP) broke foreign bribery laws, presented evidence to a grand jury, sources say, reports the Wall Street Journal. The investigation is focused on a 2005 internal Avon audit report that said company employees in China may have been bribing officials in violation of the Foreign Corrupt Practices Act, sources say.
The shares closed at $17.53, down $0.34, or 1.9%, on the day. Its market capitalization is $7.55 billion.
Stoneridge, Inc. (NYSE:SRI): Reports Q4 revenue $186.0M, up 15.9% from $160.5M in Q4 of 2010. Consensus $194.60M. The Q4 net income increase was primarily due to a $65.4M pretax gain and a $42.5M after-tax gain or $1.72 per share recognized in conjunction with Stoneridge’s previously announced purchase of additional ownership in its Brazil-based PST joint venture.
The shares closed at $10.07, down $0.23, or 2.23%, on the day. Its market capitalization is $257.55 million.
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