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CONSUMER
Beijing opens the door to Avon
China is lifting its ban on direct sellers Dec. 1. That clears the way for consumer-goods sellers to tap into the burgeoning Chinese market. Direct sales were outlawed in '98, as a slew of scams made shopping a treacherous endeavor. Ten foreign-owned direct sellers, including Avon and Amway, were allowed to stay but had to sell via retail outlets. Avon shares rose 1% to 32.69.
Playtex hits new high on upgrade
Shares of the consumer goods-maker rose 52 cents to 11.55 on 2.5-times normal volume after Prudential upped its rating to neutral from underweight. Playtex recently announced a plan that will include a focus on 3 core businesses: baby, skin and feminine items. The analyst said recent restructurings have made for a more entrepreneurial, less bureaucratic company.
IN BRIEF
Monsanto will buy 5 firms, including 4 from Core Group, an association of family-based seed companies serving Corn Belt farmers, for $52 mil. Shares fell 0.5% to 63.