Consumer stocks are narrowly lower with shares of consumer
staples companies in the S&P 500 slipping less than 0.1% today
while shares of consumer discretionary firms in the S&P 500
were down 0.1%.
In company news, American depository shares of Pearson PLC (
) slid about 2.6% to $18.78 apiece today after analysts at JP
Morgan cut their rating for the media and education company, saying
the company likely could be facing another challenging year.
The downgrade follows weaker-than-expected earnings last week by
the company, due in part, to higher-than-expected restructuring
charges. The JPMorgan analysts also trimmed their price target for
PSO ADRs by $4.20 to $20.50 apiece.
In other sector news,
(+) GAME, Receives non-binding, $1.9-bln going-private proposal
letter from Shanda Interactive Entertainment Ltd, the controlling
shareholder of the company, at $6.90 per American depository share
- or $3.45 per Class A or Class B share - a 21.2% premium.
(-) SNE, Moody's Investors Service cuts the consumer electronics
seller to junk status at Ba1 from Baa3, citing ongoing struggles at
its unprofitable TV and personal computer businesses.
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