Avon Products Inc. (AVP) spiked dramatically to the upside late Thursday morning after a purported buyout offer of $18.75 a share from PTG Capital Partners was made in an SEC filing. However, the stock quickly gave back much of those gains after investors began to question the legitimacy of the offer. The offer now appears to be a hoax that has left Wall Street with more questions than answers.
Avon Products ended the volatile session with a gain of 0.40 at $7.07 on strong volume. The stock rebounded from the lows of the year, following a 2 1/2 week decline.
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