Positive Session for Consumer Stocks; 58.com Climbs Nearly 12% After Tiger Global Takes A Bigger Bite


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WMT +0.92%

MCD +1.12%

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KO +0.67%

Consumer stocks were adding to their earlier gains with shares of consumer staples companies in the S&P 500 advancing about 0.4% while shares of consumer discretionary firms in the S&P 500 were up nearly 1.0% in late trade.

In company news, American depository shares of online marketplace 58.com Inc ( WUBA ) were up nearly 12% shortly before Tuesday's close after Tiger Global Management reported buying over 2.2 million shares of the company's stock, boosting its stake to around 6.5%.

Tiger Global and its affiliated fund now own 2.52 million WUBA shares, up from around 300,000 shares at the end of 2013, according to its latest 13F-HR filing.

WUBA shares were ahead 11.8% at $42.31 a share in late Tuesday trading, earlier climbing to an intra-day high of $21.15 to $58.89 a share, rising 123% since pricing its initial public offering of ADS at $17 each on Oct. 31.

In other sector news,

(+) NKE, Raised to Buy from Hold at Stifel Nicolaus, citing a recent correction in the company's share price and its "standout" fundamentals.

(-) CMCSA, Tells Federal Communications Commission in documents filed Tuesday its proposed merger with Time Warner Cable ( TWC ) would increase competition among high-speed Internet and cable television providers. TWC shares also fall.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities
More Headlines for: WUBA , TWC

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