Sector Update: Consumer Shares Flat; Revlon Exiting China

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Top Consumer Shares:

WMT: +0.42%

MCD: +0.15%

DIS: flat

CVS: flat

KO: +0.12%

GE: +0.11%

Consumer shares are flat to higher pre-bell trading today.

In consumer sector news, cosmetics maker Revlon ( REV ) 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. ( PTC ) 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. ( GAI ) 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.

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: GAI , PTC , REV


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