Gains for JCPenney, Nordstrom Lifting Consumer Sectors to Friday Advance

By Staff,

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Consumer stocks were higher shortly before the closing bell Friday afternoon with shares of consumer staples companies in the S&P 500 climbing about 0.4%. Shares of consumer discretionary firms in the S&P 500 were ahead almost 0.2%.

In company news, TrueCar Inc ( TRUE ) was cruising to a modest, first-day gain despite Friday pricing its initial public offering of stock below its expected range.

TRUE today priced its IPO of 7.8 million shares at $9 each, well under its expected range of $12 to $14 a share and generating around $71.1 million in gross proceeds.

The company provides vehicle price and other information for potential car-shoppers, also helping auto dealers find would-be buyers. The company reported a $25 million net loss last year with a 68% year over year rise in revenue to $134 million.

Shares opened today at $9.70 and climbed as high as $10.75 each for a 19.4% gain before easing to its current range around $10.09 a share, up 12.1%.

In other sector news,

(+) JWN, Shares climb to all-time high, also pacing gains for the S&P 500, after department-store retailer posts Q1 EPS of $0.72 beats by $0.04 per share. Revenue rose 6.8% to $2.84 bln, exceeding expectations by around $80 mln.

(-) EVRY, Reports Q1 net loss of $0.73 per share, excluding non-recurring items, trailing the Capital IQ consensus by $0.59. Revenue falls 4.6% year over year to $93.2 mln, lagging estimates by around $7.43 mln.

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: TRUE

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