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Avon Surges After Saying Andrea Jung Will Step Down as CEO

Avon Products Inc., the world’s biggest door-to-door cosmetics seller, surged the most in more than three years after saying it will search for a new chief executive officer next year to replace Andrea Jung.

Avon climbed 8.7 percent to $17.54 at 10:30 a.m. in New York. The shares earlier soared as much as 11 percent, the biggest intraday gain since October 2008.