Consumer Stocks Ending Near Session Lows; ChinaEdu Up 6% Following $128-Mln Going-Private Offer


Top Consumer Stocks,

WMT -1.65%

MCD -2.04%

DIS -3.40%

CVS -3.67%

KO -3.03%

Consumer stocks are lower shortly before the closing bell with shares of consumer staples companies in the S&P 500 retreating 2.9%. Shares of consumer discretionary firms in the S&P 500 also are down about 2.6%.

In company news, ChinaEdu Corp ( CEDU ) is up 5.8% to $6.18 a share, slightly off its $6.32 session high that followed the online education company received a going-private offer from its CEO and executive chairman that values the company at $128.8 mln.

CEO Shawn Ding and Executive Chairman Julia Huang are offering $7 per American depositary share, or 20% above CEDU's $5.84 closing price Wednesday night. CEDU said the potential buyers are in talks with one or more banks to finance the proposed transaction.

CEDU also has formed a special board committee to assess the proposal.

Separately, CEDU yesterday reported Q1 per-ADS earnings of $0.186, ex items, were up from non-GAAP EPS of $0.13 last year and beating the analyst consensus by $0.01 per ADS. Quarterly revenue declined 2.1% from year-ago levels to $19.2 million, roughly in-line with analysts.

In other sector news,

(+) GME, Microsoft scraps new restrictions for its new Xbox One game console on selling, sharing or trading games - a key part of GME's business.

(-) FIVE, Launches secondary offering of 8.6 mln shares by selected shareholders, including company executives and board members. The discount retailer currently has about 54 mln shares outstanding.

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: CEDU

MT Newswires

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