Sector Update: Consumer

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Consumer stocks are moderately lower, with shares of consumer staple companies in the S&P 500 falling about 0.4% while shares of consumer discretionary stocks in the S&P are down 0.4%.

In company news, Caesars Entertainment Corp ( CZR ) is down more than 11% at $22.97 a share, sliding as low as $22.11, after disclosing plans to refinance a large slice of its its outstanding mortgage loans.

The gaming company is looking to raise around $4.85 billion in new bonds and loans to refinance its existing debt, including securing a $3-billion term loan through Citigroup ( C ), a person with knowledge of the discussion told Bloomberg News.

CZR also plans to issue $1.35 billion of second-lien notes and $500 million of first-lien debentures, with all of the new funds used to refinance a $450 million senior-secured facility, according to a new regulatory filing by the company.

In other sector news,

(+) GM, (+%) U.S. Treasury reportedly sells more than 110 million shares of the automaker's stock since April, reducing its overall stake to around 7.3% and raising another $3.82 billion in proceeds.

(-) CBRL (-3.7%) The restaurant and retail chain forecasts Q3 per-share earnings of $1.05 to $ 1.15, trailing analyst estimates for $1.32 per share.



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: C , CZR

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