Consumer Shares Ending Broadly Lower; Sotheby's Rises After Third Point Boosts Stake, Promises Discussions


Top Consumer Stocks,

WMT -0.40%

MCD +0.36%

DIS -0.36%

CVS +0.64%

KO -0.93%

Consumer stocks are broadly lower today with shares of consumer staple companies in the S&P 500 sliding 1.0% while shares of consumer discretionary stocks in the S&P are down 0.1%.

In company news, Sotheby's ( BID ) is up 3.5% after Third Point LCC and activist investor Dan Loeb increased it stake in the auction house to 5.7%.

According to a new regulatory filing today, Third Point now owns 3.925 million shares, spending $156.7 million. The hedge fund said it "intend(s) to engage in a dialogue with members of the BID board or management" as well as other shareholder groups and industry experts about "potential changes of strategy and leadership."

Third Point previously had held a 3.7% BID stake on June 30, according to its quarterly stock ownership report.

In other sector news,

(+) CHRW, Increases its stock-buyback program to 15 mln shares, up from the 8.7 mln shares remaining under its prior authorization. Also accelerates $500-mln repurchase of stock now held by JP Morgan Chase ( JPM ) and Morgan Stanley & Co ( MS ).

(-) ARO, Brean Capital reportedly lifts its rating for the teen apparel retailer from Sell to Hold.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: BID , JPM , MS

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