NEW YORK (TheStreet) -- Shares of Avon Products Inc. (AVP) are climbing higher by 17.33% to $8.87 on heavy volume in mid-afternoon trading on Thursday, after Dealreporter reported the company has been in talks with the private equity firm TPG Capital regarding a potential transaction, according to the Financial Times.
It is not clear how far along the talks have moved or if the beauty products manufacturer and marketer has hired any advisory firms, Dealreporter said, citing three unidentified sources in its report.
The report had previously sent Avon Products shares up as much as 19%, its biggest intraday increase since February 2013, Bloomberg said.
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So far today, 26.43 million shares of Avon Products have exchanged hands as compared to its average daily volume of 10.70 million shares.
Separately, TheStreet Ratings team rates AVON PRODUCTS as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate AVON PRODUCTS (AVP) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity and generally disappointing historical performance in the stock itself."