Avon’s stock surged as much as 17% Wednesday after rumors started circulating about the possibility of Oprah Winfrey taking a stake in the struggling cosmetics maker.
But a spokesperson for Oprah Winfrey said in an e-mail to CNNMoney that “this information is not true.”
Avon (AVP) would not comment on the chatter. The stock was still up about 7% in late afternoon trading.
The reason for the speculation sort of made sense — even though an actual investment by Oprah seemed highly unlikely.
Investors were clearly hoping that Oprah would come to the rescue of Avon — whose stock has plunged nearly 60% this year — just like she has done for Weight Watchers.