P&G (PG) Shares Volatile as CEO Talks at CAGNY Conference; Cuts Q3 Core EPS Guidance

Shares of Procter & Gamble (NYSE: PG) have gone parabolic over the last hour of trade as the company's Chairman, President and CEO Bob McDonald is currently speaking at the Consumer Analyst Group of New York conference. After rallying nearly 1 percent from 12:20pm ET to 12:50pm ET, the stock is now giving up gains slightly. Shares last traded at $65.3, up 1.3 percent from Wednesday's close.

Some highlights:

• amid the Pringles deal, lowered its Q3 core EPS guidance from 91-97 cents to 89-95 cents, which compares to the Street estimate of 95 cents.
  
• by 2016, expecting $10 billion in cost reductions
  
• expecting to reduce headcount by about 5,700 employees

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