Consumer Stocks Now Nearly Breaking Even; Pearson plc Slides on JPMorgan Downgrade

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Consumer stocks are narrowly lower with shares of consumer staples companies in the S&P 500 slipping less than 0.1% today while shares of consumer discretionary firms in the S&P 500 were down 0.1%.

In company news, American depository shares of Pearson PLC ( PSO ) slid about 2.6% to $18.78 apiece today after analysts at JP Morgan cut their rating for the media and education company, saying the company likely could be facing another challenging year.

The downgrade follows weaker-than-expected earnings last week by the company, due in part, to higher-than-expected restructuring charges. The JPMorgan analysts also trimmed their price target for PSO ADRs by $4.20 to $20.50 apiece.

In other sector news,

(+) GAME, Receives non-binding, $1.9-bln going-private proposal letter from Shanda Interactive Entertainment Ltd, the controlling shareholder of the company, at $6.90 per American depository share - or $3.45 per Class A or Class B share - a 21.2% premium.

(-) SNE, Moody's Investors Service cuts the consumer electronics seller to junk status at Ba1 from Baa3, citing ongoing struggles at its unprofitable TV and personal computer businesses.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: PSO

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