Consumer stocks were moderately lower with shares of consumer
staples companies in the S&P 500 falling about 0.3%. Shares of
consumer discretionary firms in the S&P 500 were down about
In company news, American depository shares of China Mobile
Games and Entertainment Group Ltd. (
) extended its declines Friday in an abbreviated session that
followed the Nasdaq Stock Market lifting its trading halt after the
mobile games publisher confirmed reports its company president and
several other executives were fired yesterday.
Shares were off nearly 3% shortly before the closing bell at
$14.23 each, recovering a slide to $12.60 a share soon after trade
resumed at 1:50 p.m. ET. The stock has a 52-week range of $10.05 to
$40.31 a share, rising nearly 18% over the past year.
In a statement, CMGE this afternoon said Company President Ying
Shuling and eight other employees were removed as part of a broader
restructuring intended to make the company more efficient and
tumbled as much as 25% Thursday, reaching its lowest share price
since last October following unconfirmed reports the company fired
Ying and others amid allegations of a wider bribery scheme at the
company. The Nasdaq later ordered a trading halt in Thursday's
after-market while the exchange waited for CMGE to provide it with
In announcing the dismissals today, the company did not detail
its reasons for ousting the nine executives although it
acknowledged it was aware of market speculations about the reasons
for the restructuring, including allegations of employee
misconduct." It also said the CMGE board has formed an independent
committee to probe those allegations, adding it will report its
results at a later date.
In other sector news,
(+) KMX, Q1 net income of $0.76 per share beats by $0.10.
Revenue rises 13.3% year over year to $3.75 bln, topping Street
view by around $180 mln. Used vehicle unit volume grew 3.4% over
(-) SWHC, GAAP Q1 earnings outlook lags Street view by at least
$0.15 per share; projected revenue misses by at least $30.83 mln.
FY15 EPS, revenue forecasts also trail consensus estimates. Weak
outlook trumps better than expected Q4 results.
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