Consumer Stocks Inching Higher This Afternoon; Wynn Resorts Climbs After Wells Fargo Boosts Expected Macau Gaming Growth


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Consumer stocks were moderately higher Tuesday, with shares of consumer staples companies in the S&P 500 climbing about 0.3%. Shares of consumer discretionary firms in the S&P 500 were up about 0.4%.

In company news, shares of casino operator Wynn Resorts ( WYNN ) rose Tuesday after analysts at Wells Fargo raised their growth forecasts for gaming revenue in Macau this month.

The Wells Fargo analysts are now expecting Macau revenue to grow between 13% to 15% over year-ago levels, up from their previous predictions for 10% to 14% growth.

Overall, however, the research team believes "2014 could be choppy," with a potential drop in high-stakes gamblers in a slowing macroeconomic environment.

"While the May China HSBC flash manufacturing PMI rebounded to a five-month high of 49.7 from 48.1 in April, other China macro indicators remain mixed," the Wells Fargo researchers wrote, later noting that "a further slowdown could weigh on Macau."

WYNN shares were up about 2.2% at $212.51 each this afternoon, earlier climbing to a session high of $213.83 a share. The stock has a 52-week range of $121.84 to $249.31 a share, adding more than 61% in value over the past 12 months.

In other sector news,

(+) HSH, (+22.0%) Pilgrims Pride ( PPC ) makes $6.4 bln cash offer for the packaged-food seller, which would need to table its proposed buyout of Pinnacle Foods ( PF ) in order to accept $45 a share offer.

(-) ZLC, (-1.6%) A second proxy advisory firm, Egan-Jones Proxy Services, recommends shareholders vote for proposed deal with Signet Jewelers Ltd ( SIG ) at the company's special meeting on Thursday, May 29.

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
More Headlines for: WYNN , PPC , PF , SIG

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