Consumer Sector Ending in the Red; Qunar Falls With Other Travel Websites, New Neutral Rating

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Consumer stocks were ending with broad declines with shares of consumer staples companies in the S&P 500 retreating just 0.1% while shares of consumer discretionary firms in the S&P 500 were down 1.0% in late trade.

In company news, Qunar Ltd ( QUNR ) hit a skid Monday after analysts at Macquarie today initiated coverage of the online travel and display advertising website with a Neutral rating and a price target of $30 a share.

The stock also may be feeling some pressure after a rival travel website, Ctrip ( CTRP ), said an internal probe uncovered 93 possible leaks of customer data accessed using an unaffiliated website.

QUNR shares were down nearly 7% at $29.01 apiece, struggling on several occasions to keep from falling below its intra-day low of $28.32 a share. The stock has a 52-week range of $22.32 to $36.73 a share.

In other sector news,

(+) NUS, Chinese authorities conclude investigation into the company's selling practices, fining the direct seller $540,000. Six employees also fined $16,000 for unauthorized promotional activities.

(-) TIF, Goldman Sachs removes the upscale jewelry retailer removed the stock from its Conviction Buy list, saying sales and profit growth is playing out slower than expected. Goldman also set a $100 price target for TIF shares.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
Referenced Symbols: QUNR , CTRP

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