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On the Twitter stream, @OptionRadar pointed out to me that there has been hot bullish activity in the Avon Products (AVP) January 2010 $22.50 calls. Looking at the carnage in the name in recent weeks, the stock is essentially back to its October of 2008 crash lows (though above the ultimately lows in March 2009). Understand that you are talking about a high quality, well-run firm with a strong dividend and international growth. I believe the stock is vastly overdone here, and if you are not inclined to take on loads of risk with beaten-down, high beta, trashy names, Avon looks to be a better alternative.
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