Consumer stocks were higher, with shares of consumer staples
companies in the S&P 500 adding about 0.5%. Shares of consumer
discretionary firms in the S&P 500 were up 0.4%.
In company news, Liberty Media (
) shares rose Friday after the cable television company controlled
by John Malone late Thursday abandoned its bid to acquire satellite
radio broadcaster Sirius XM (
) and announced plans to create a pair of new tracking stocks
containing LMCA's stake in SIRI and other media properties.
"In light of the tracking stock distribution, our offer for
Sirius XM is no longer applicable," LMCA Chief Executive Greg
Maffei said in prepared remarks last night. LMCA in January
proposed exchanging non-voting Class C shares with an assumed value
of $3.86 each for each SIRI share it already didn't own. LCMA
already owns about 53% of SIRI stock and would have paid another
$10.4 billion in stock for the remaining minority stake.
As proposed, LMCA shareholders will now receive one share of the
company's new Liberty Broadband Group, reflecting the company's
stakes in Charter Communications (
), Time Warner Cable (
) and geo-location technology company TruePosition. They're also in
line to receive four shares of the new Liberty Media tracking stock
that will hold its equity positions in SIRI, Live Nation
), Barnes & Noble (BKS) among others.
LMCA shares were up nearly 8% at $136.09 apiece in recent trade,
earlier topping out at $137.96 a share. The stock has a 52-week
range of $107.07 to $159.33 a share. SIRI shares also rose,
climbing 2.7% to $3.46 in mid-day trading.
In other sector news,
(+) ULTA, (+6.9%) Earns $1.09 per share in Q4, beating Capital
IQ consensus by $0.02. Revenues rises 14.4% to $868.1 mln, topping
estimates by $12.85. Projected Q1 EPS trails Street view by at
least $0.04 per share. Revenue guidance in-line with estimates.
(-) ARO, (-14.1%) Hires Barclays to accelerate process of
identifying stores for closures. Swings to Q4 net loss of $0.35 per
share, reversing $0.24 profit last year and coming in $0.04 wider
than analyst estimates. Revenue declines 16% to $670 mln, missing
consensus by $15 mln.
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