Sector Update: Consumer


Consumer stocks have turned broadly positive near the close with shares of consumer staples companies in the S&P 500 adding 0.1%. Shares of consumer discretionary firms in the S&P 500 are up 1.0% near the close.

In company news, International Game Technology ( IGT ) is enjoying a 5% push higher this afternoon, with shares now trading at $17.27, up 84 cents, ahead of the start next week of legal online wagering through casinos in Atlantic City, N.J.

Pending final approval through the testing process, IGT said today that several of its more popular gaming titles are set to make the leap from the casino floor to online and mobile devices on Tuesday, Nov. 26.

The casinos - which include Trump Plaza, the Tropicana Atlantic City and Caesars Entertainment's ( CZR ) Bally's Park Place and Boardwalk Regency - tonight are rolling out a so-called "soft play" start for internet gaming, inviting selected guests to go online and bet using real money over the next five days starting at 6 p.m. while they work to fix any kinks in the system.

New Jersey is the third state to allow online gaming, joining Nevada and Delaware.

In other sector news,

(+) ARO, Crescendo Partners urges board to immediately begin sales talks, saying "numerous potential buyers" are interested in the teen apparel retailer because of its strong brand name and "opportunity to return to historical profitability."

(-) LQDT, Online surplus and odd-lots seller reports Q4 earnings that trailed analyst estimates and issued downside Q1 and FY14 guidance.

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: CZR , IGT

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