Top Consumer Stocks
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
In company news, Music promoter SFX Entertainment Inc. (
) 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
In other sector news,
(+) MW, Rejects $2.3-bln takeover bid from rival men's apparel
retailer Jos. A. Bank Clothiers (
), 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.
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