Consumer Stocks Mixed Near Close; SFX Entertainment Gets Cold Shoulder in Market Debut

By Staff,

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Top Consumer Stocks

WMT +0.30%

MCD -0.55%

DIS -0.36%

CVS +1.79%

KO -0.55%

Consumer stocks are narrowly mixed with shares of consumer staples companies in the S&P 500 rising 0.2%. Shares of consumer discretionary firms in the S&P 500 currently are down 0.1%.

In company news, Music promoter SFX Entertainment Inc. ( SFXE ) is getting panned by investors in its first day of public trading, currently down 13.5% from its IPO price at $11.25 a share and earlier falling as much as 16% to $10.65.

SFXE priced its initial public offering of 20 million shares at $13 apiece, generating $260 million in gross proceeds. The company produces dance music events around the world, including Tomorrowland, Electric Zoo and Life in Color. It also operates Beatport, an online music store that sells electronic dance songs.

In other sector news,

(+) MW, Rejects $2.3-bln takeover bid from rival men's apparel retailer Jos. A. Bank Clothiers ( JOSB ), saying the $48 per share cash offer "significantly undervalues" the company. JOSB shares also rose sharply today.

(-) YUM, Q3 EPS of $0.85 trails analyst consensus by $0.08 per share. Revenue of $3.46 bln also lags expectations by $70 mln. It also is projecting a larger Q4 net loss than prior estimates, adding China same-store sales likely won't be positive in Q4.

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: JOSB , SFXE

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