Top Consumer Stocks
Consumer stocks are moderately lower, with shares of consumer
staple companies in the S&P 500 falling about 0.4% while shares
of consumer discretionary stocks in the S&P are down 0.4%.
In company news, Caesars Entertainment Corp (
) is down more than 11% at $22.97 a share, sliding as low as
$22.11, after disclosing plans to refinance a large slice of its
its outstanding mortgage loans.
The gaming company is looking to raise around $4.85 billion in
new bonds and loans to refinance its existing debt, including
securing a $3-billion term loan through Citigroup (
), a person with knowledge of the discussion told Bloomberg
CZR also plans to issue $1.35 billion of second-lien notes and
$500 million of first-lien debentures, with all of the new funds
used to refinance a $450 million senior-secured facility, according
to a new regulatory filing by the company.
In other sector news,
(+) GM, (+%) U.S. Treasury reportedly sells more than 110
million shares of the automaker's stock since April, reducing its
overall stake to around 7.3% and raising another $3.82 billion in
(-) CBRL (-3.7%) The restaurant and retail chain forecasts Q3
per-share earnings of $1.05 to $ 1.15, trailing analyst estimates
for $1.32 per share.
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