Top Consumer Stocks
Consumer stocks were narrowly mixed in late trade with shares of
consumer staples companies in the S&P 500 sliding about 0.2%
while shares of consumer discretionary firms in the S&P 500
were ahead about 0.2%.
In company news, Revlon (
) shares appeared set to finish the day higher, rising slightly
more than 1% to $24.89 each and the cosmetics maker disclosing
plans to exit the China market as part of a restructuring program
aiming to cut its yearly costs by about $11 million - including an
$8 million benefit in 2014.
The company is cutting about 1,100 jobs, primarily in China,
which accounts for 2% of the company's sales. REV expects to take a
$22-million pre-tax charge following the restructuring, with all
but $1.1 recorded in current quarter ending today.
In other sector news,
(+) HTZ, Authorizes one-year "poison pill," with the car-rental
firm saying it adopted the shareholder rights plan - which would
come into play if an investor bought 10% of its shares - after
observing "unusual and substantial activity" in its stock.
(-) BORN, Shares of corn-based alcohol products fall almost 14%
in heavy volume during first hour of Tuesday trade before recouping
most of the decline. The company said its policy is to not comment
on unusual market activity.
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