Why Coty Stock Popped Today
Shares of Coty (NYSE: COTY) were climbing today as the beaten-down cosmetics stock was benefiting from a rotation in the market. Over the last few sessions, investors have been moving out of stocks that have done well during the coronavirus crisis, especially stay-at-home plays, and into stocks that have fallen sharply during the pandemic but are expected to recover as the economy reopens.
As a cosmetics seller that was struggling before the pandemic struck and has seen sales tumble since, Coty benefited from the shift in sentiment.
As of 3:00 p.m. EDT, the stock was up 21.4%.
Source Fool.com
