Sector Update: Consumer

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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 ( CZR ) 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 past year.

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 program.

(-) 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.



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

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This article appears in: Investing , Commodities

Referenced Stocks: CZR

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