Consumer stocks were mixed Wednesday afternoon with shares of
consumer staples companies in the S&P 500 advancing about 0.8%
while shares of consumer discretionary firms in the S&P 500
were down 0.4%.
In company news, Caesars Entertainment (
) shares rose as much as 24% during Wednesday's session after
completing a series of financing transactions intended to reduce
debt and position its Caesars Entertainment operating company as a
stand-alone publicly traded entity.
CZR plans to issue $1.75 billion in first-lien debt, with plans
to use proceeds to redeem all of the operating company's credit
securities maturing next year as well as repaying all of its
existing bank loans.
The company said it also has completed the sale of three
properties in Las Vegas to to Caesars Growth Partners. It also
moved to add two more independent directors to the company's board,
pending regulatory approval.
CZR shares were ahead 13.2% at $21.01 each shortly before the
closing bell, giving back nearly half of its earlier advance that
lifted the stock to a session high of $23.00 a share. The stock has
a 52-week range of $11.90 to $26.74 a share, rising 37.1% over the
In other sector news,
(+) EA, Non-GAAP revenue falls 7% from year-ago levels to $914
mln, still topping consensus by $101.6 mln. Adjusted net income of
$0.48 per share beats by $0.37. OKs $750 mln stock buyback
(-) WFM, Q2 EPS of $0.38 misses by $0.03 per share. Revenue
climbs 9.7% to $3.32 bln, matching estimates. Lowers FY14 earnings,
revenue forecasts, trailing consensus views by at least $0.05 per
share and $20 mln, respectively.
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