Avon Products Inc.’s stock tumbled 12% in midday trade, on volume that was already more than double the full-day average, as it fell below the $4 level for the first time since the early 1990s. That follows a very volatile session on Thursday, when the cosmetics and home goods seller’s stock rose as much as 13% in intraday trade before reversing course to close down 9.5%, after the Wall Street Journal reported that Avon was looking to sell a stake to a private-equity firm, suggesting it was unable to find a buyer for the whole company. The stock hit an intraday low of $3.43, the lowest level since Jan. 15, 1991. It has lost 48% over the past three months, while the S&P 500 has slipped 7.3%.
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