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Avon Products (AVP) Stock Jumps on Transformation Plan Update

NEW YORK (TheStreet) -- Shares of Avon Products (AVP) were spiking 7.96% to $6.92 in pre-market trading on Thursday after the company missed third-quarter expectations, but gave an positive update on its previously announced transformation plan.

Before the opening bell, the New York-based make-up company said it expects pre-tax annualized cost savings of about $350 million after three years, with roughly $200 million from supply chain reductions and approximately $150 million from other cost cuts.

"These pre-tax cost savings are expected to be achieved...