Consumer Sector Update for 04/20/2017: TRCO,SBGI,SCSS,EBAY

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Consumer stocks still were mixed heading into Thursday's close, with shares of consumer staples companies in the S&P 500 slipping about 0.2% while shares of consumer discretionary firms in the S&P 500 were posting a nearly 1.1% increase.

In company news, Tribune Media ( TRCO ) pared most of its declines from earlier Thursday after the Federal Communications Commission today reinstated a 32-year-old rule that helped many broadcast groups stay within television station ownership limits.

On a 2-1 vote, the FCC again adopted the so-called UHF discount, which halves the typical broadcast range for stations operating in the ultra-high frequency band compared with stations broadcasting on the VHF (very high frequency) spectrum. The reduced radius was critical for several broadcast chains to stay within ownership caps that bar them from operating stations that reach more than 39% of the country.

In a statement, Tribune Media called the decision "a welcome step" toward creating a more even playing field for TV companies, adding it will also promote increased "localism by enabling broadcasters to better serve their communities."

TRCO shares were down about 1.0% at $38.05 apiece in late trade, climbing back from a session low of $37.64 a share earlier today. Other broadcasters - including Sinclair Broadcast Group ( SBGI ), which has been rumored to be exploring a potential takeover of Tribune Media - were little changed shortly before today's closing bell.

In other sector news,

(+) SCSS, Climbs to a nearly two-year high after reporting Q1 EPS of $0.56 per share, topping the Capital IQ consensus by $0.11 per share. Also generates $394 mln in revenue, topping Street estimates expecting $370 mln.

(-) EBAY, Projected Q2 EPS of $0.43 to $0.45 lags analyst mean by at least $0.02 per share. Also sees revenue in a range of $2.28 bln to $2.32 bln compared with $2.32 bln consensus. Q1 EPS of $0.49 on $2.22 bln in revenue tops Street views by $0.01 per share and $10 mln, respectively.

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: Business , Commodities
Referenced Symbols: TRCO , SBGI , SCSS , EBAY

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