6 Early Buzzing Stocks: Avon Surges 18%, Groupon Drops 10% and New iPad Named Best Tablet
Avon Products Inc. (NYSE:AVP) shares surged more than 18 percent in early market trading. The company received a $10 billion buyout offer from Coty Inc. valued at $23.25 per share. “Following extensive but unsuccessful attempts to engage Avon in discussions regarding its proposal, Coty has decided to make its proposal public in order to inform Avon’s shareholders of the significant value in a transaction,” Coty said.
Shares of Express Scripts Inc. (NASDAQ:ESRX) jumped 3.5 percent after announcing it completed its $29.1 billion acquisition of Medco Health Solutions Inc. (NYSE:MHS). The deal was approved by the Federal Trade Commission by a majority vote of 3-1.
Groupon Inc. (NASDAQ:GRPN) shares plummeted 10 percent before the opening bell. The online coupon company said fourth-quarter results were worse than previously stated because of higher refunds to merchants. According to a regulatory filing, the revisions reduced revenue in the period by $14.3 million to $492.2 million. Groupon had reported $506.5 million last month.
Apple Inc. (NASDAQ:AAPL) shares edged .30 percent higher to climb back above $600 per share in early trading. The Tech giant’s new iPad was recently named the best tablet computer in a ranking by Consumer Reports, despite saying the device runs “significantly hotter” than previous models just two weeks ago.
Shares of Overstock.com Inc. (NASDAQ:OSTK) gained more than 3 percent in early trading. The Securities Exchange Commission announced it will not take any action against the company in regards to its restatement of financial statements from 2006 to 2008.
Investor Insight: Should Investors Activate Gold and Silver Airbags?
To contact the reporter on this story: Eric McWhinnie at email@example.com
To contact the editor responsible for this story: Damien Hoffman at firstname.lastname@example.org