AVP – Avon Products, Inc. – Shares of the global manufacturer of beauty and related products fell 3.35% to $26.85 by 11:50 am (ET), inspiring bearish options traders to take action on the stock. Investors anticipating continued erosion in the price of the underlying shares through July expiration scooped up out-of-the-money put options. Pessimists purchased roughly 700 puts at the July $26 strike for an average premium of $0.45 apiece. Investors long the July $26 strike puts profit if Avon Products’ shares decline another 4.85% to breach the effective breakeven price of $25.55 by July expiration. Buying interest spread to the lower July $25 strike where bearish players picked up some 2,300 puts for an average premium of $0.30 a-pop. Investors long the lower strike puts make money if the cosmetics maker’s shares fall 8.00% from the current price of $26.85 and slip beneath the average breakeven point to the downside at $24.70 ahead of expiration day next month. The jump in demand for options on AVP helped boost the stock’s overall reading of options implied volatility 13.3% to 38.62% by 12:00 pm (ET).