We still think it is too soon to call Avon a successful turnaround in progress.

Regis missed earnings badly in a critical quarter for establishing credibility with consumer investors. Instead, this miss has created questions as to whether Alberto's beauty supply business is truly better off as a part of Regis.

The company did this quarter what it did last quarter: Meet estimates while reinvesting in a tough time. But we think investors were expecting upside,

We think negative news was already priced in and that Kimberly meeting estimates is enough for shares to rise after its recent decline.

Kimberly did not miss, so we expect investors will gain more faith that other companies yet to announce, such as P&G, Colgate and Alberto-Culver, will also have some more optimistic news to share with the market.

We expect some disappointment in a flat top line (revenue forecast) for 2006. We would not be surprised if the stock (were) to trade down early on these numbers.