Top Consumer Shares:
Consumer shares are flat to higher pre-bell trading today.
In consumer sector news, cosmetics maker Revlon (
) said it's exiting the China market as part of a restructuring
program that aims to cut costs by about $11 million a year, with
about $8 million expected to benefit 2014 results.
Revlon said it will cut about 1,100 jobs, primarily in China,
which accounts for 2% of the company's sales.
The company expects to incur a pre-tax charge of about $22
million from the restructuring. Revlon recorded a charge of $20.9
million in December and will record the remainder in 2014.
And, PTC Inc. (
) said late yesterday that it is acquiring ThingWorx for $112
million in cash. PTC is flat at $34.30 in pre-market trade.
PTC drew $110 million from its credit facility to finance the
transaction. Shareholders of privately held ThingWorx also are
eligible for earn-outs of up to $18 million.
Finally, Global-Tech Advanced Innovations Inc. (
) reports Q2 net sales were $12.6 million, compared to $26 million
for the corresponding quarter a year prior.
Net loss for was $5.2 million, or $1.70 per share, compared to a
net income of $0.2 million, or $0.07 per share, for the second
quarter of fiscal 2013.
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