Consumer stocks were moderately higher Tuesday, with shares of
consumer staples companies in the S&P 500 climbing about 0.3%.
Shares of consumer discretionary firms in the S&P 500 were up
In company news, shares of casino operator Wynn Resorts (
) rose Tuesday after analysts at Wells Fargo raised their growth
forecasts for gaming revenue in Macau this month. The Wells Fargo
analysts are now expecting Macau revenue to grow between 13% to 15%
over year-ago levels, up from their previous predictions for 10% to
Overall, however, the research team believes "2014 could be
choppy," with a potential drop in high-stakes gamblers in a slowing
"While the May China HSBC flash manufacturing PMI rebounded to a
five-month high of 49.7 from 48.1 in April, other China macro
indicators remain mixed," the Wells Fargo researchers wrote, later
noting that "a further slowdown could weigh on Macau."
WYNN shares were up about 2.2% at $212.51 each this afternoon,
earlier climbing to a session high of $213.83 a share. The stock
has a 52-week range of $121.84 to $249.31 a share, adding over 61%
in value over the past 12 months.
In other sector news,
(+) HSH, (+22.0%) Pilgrims Pride (
) makes $6.4 bln cash offer for the packaged-food seller, which
would need to table its proposed buyout of Pinnacle Foods (
) in order to accept $45 a share offer.
(-) ZLC, (-1.6%) A second proxy advisory firm, Egan-Jones Proxy
Services, recommends shareholders vote for proposed deal with
Signet Jewelers Ltd (
) at the company's special meeting on Thursday, May 29.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.