Top Consumer Stocks
Consumer stocks were lower with shares of consumer staples
companies in the S&P 500 recently losing about 0.2% while
shares of consumer discretionary firms in the S&P 500 were down
nearly 1.0% this afternoon.
In company news, Amazon.com (
) shares fell Tuesday after reportedly offering an olive branch in
its fight with Hachett Book Group over e-book revenue, proposing
authors in the publisher's stable receive all proceeds from the
sale of digital books while it works on a broader distribution deal
with the publishing house.
With the often-bitter dispute with Hachette now in its third
month, AMZN is seen as trying to win back the support of authors,
according to the Wall Street Journal. It made the offer directly to
authors and their agents, the newspaper said, adding AMZN would
immediately resume selling Hachette inventory with normal pricing
and pre-orders if Hachett accepts the offer.
AMZN was down nearly 3% at $323.80 a share in late trade,
earlier sinking to a session low of $321.48. The stock has a
52-week range of $279.33 to $408.06 a share, rising slightly more
than 11% over the past 12-month span.
In other sector news,
(+) GES, Raised to to Overweight from Neutral at Piper Jaffray.
Price target increased by $7 to $32 a share.
(-) TSLA, Chinese businessman Zhan Baosheng files trademark
infringement suit, seeking $3.85 mln in damages and wanting to bar
all activity by the company in China after registering the Tesla
trademark there in 2006.