Why Avon Products Stock Dropped 10% Thursday
Knock-knock! Avon calling!
Shares of Avon Products (NYSE: AVP) got knocked for a 10% loop in early Thursday trading, before rising ever so slightly to close the day down "only" 9.3%. The culprit, as you might have guessed this time of year, was earnings.
Early this morning, Avon reported its fiscal third-quarter 2017 results, and the news was not great. On an adjusted basis (i.e. what we used to call "pro forma" earnings), Avon reported earnings of just $0.03 per share, which was less than half of the $0.07 per share that Wall Street analysts had predicted it would earn.
Source: Fool.com
