Sector Wrap: Cosmetics companies slip
NEW YORK (Associated Press) - Shares of cosmetics makers slippedFriday, following a week filled with outlook news, acquisitions andpersonnel changes that affected several companies in the sector.
Shares of Revlon Inc. declined 5 cents, or 6.3 percent, to 74cents.
Earlier this week, Revlon said it expects to swing to a profit inthe second quarter on strong sales of newly launched products.
Elsewhere, shares of New York-based Estee Lauder Cos. fell 60 centsto $43.41.
On Friday, the company said it purchased a minority stake in aprivately held Indian company that manufactures and sells beautyproducts. Financial terms of the agreement were not disclosed.
Estee Lauder Chief Executive William P. Lauder said the purchasegives the company a stronger presence in India's rapidly growingprestige beauty business.
Meanwhile, shares of Elizabeth Arden Inc. slipped 8 cents to$15.40, and Avon Products Inc.'s stock slipped 18 cents to $36.21.
On Wall Street, stocks fluctuated following disappointing earningsfrom Google Inc., and investment bank Merrill Lynch & Co.reported a big quarterly loss. However, Citigroup Inc. reported asmaller-than-expected second-quarter loss.
- angellee8898
- 03:34
- Permanent link
- Comments
- Abuse ?
