Sector Update: Consumer


Consumer shares were generally higher before the opening bell Friday.

Monster Beverage ( MNST ) was up 27% pre-market after it said Coca-Cola ( KO ) will acquire a 17% stake in the beverage company for $2.15 billion cash and will have two directors on MNST's board. KO will transfer ownership of its worldwide energy business to MNST, and MNST will transfer its non-energy business to KO. KO will become MNST's preferred distribution partner globally and MNST will become KO's exclusive energy play. KO was up 1.8% at $40.91 pre-market.

Priceline Group ( PCLN ) priced $1 billion in principal of Convertible Senior Notes due 2021 through a private offering to qualified institutional buyers. The notes will pay interest semiannually at a rate of 0.90% per annum. PCLN was up 0.44% at $1,290.50 in pre-market trading .

J.C.Penney ( JCP ) late Thursday reported an adjusted Q2 loss of $0.75 per share, narrower than expectations of a loss of $0.95 per share on Capital IQ. Sales were $2.8 billion, ahead of estimates of $2.78 billion. Q2 same store sales were up 6%. Online sales through were $249 million for the quarter, up 16.7 % versus the same period last year. JCP was up 2.4% at $9.97 in pre-market trading.

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.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: MNST , KO , PCLN , JCP

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