By  on May 1, 2014

Avon Products Inc. chief executive officer Sheri McCoy may soon be able to put one headache behind her, but she quickly gained another on Thursday as the firm’s share price dropped more than 10 percent on the New York Stock Exchange.

Wall Street seemed unimpressed by Avon’s progress on getting closer to reaching a settlement with government officials tied to its six-year foreign bribery probe, and focused instead on the company’s weaker-than-expected earnings results that included a 12 percent drop in beauty sales. Shares closed at $13.72, or down 10.2 percent, and at one point were down by more than 13 percent, hitting a 52-week low of $13.22.

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