Consumer Stocks Ending Mixed; Revlon Leaving Chinese Market, Cutting About 1,100 Jobs in Restructuring

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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 ( REV ) 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.

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) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: REV

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