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MARKET MOVERS

SEC calling: Avon slumps on news of probe

Avon has in recent years focused on overseas markets, from which it gets 80 percent of its revenue. Above, company spokeswoman Christy Turlington Burns at a recent promotion in New York. Avon has in recent years focused on overseas markets, from which it gets 80 percent of its revenue. Above, company spokeswoman Christy Turlington Burns at a recent promotion in New York. (Getty Images for Avon Products Inc.)
October 28, 2011

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Avon Products Inc. said Thursday the Securities and Exchange Commission is investigating its contact with financial analysts in 2010 and 2011, the latest roadblock for the cosmetics direct seller that is struggling to turn around its results. Avon also reported its third-quarter net income slipped a worse-than-expected 1 percent, hurt by complications implementing a business system in Brazil and the uncertain global economy. The New York company said it is reviewing all aspects of its business and withdrew its full year revenue guidance.

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