Sector Update: Consumer

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Consumer shares are fairly flat in pre-bell trading today.

J.C. Penney ( JCP ) has priced 84 million shares at $9.65 per share, with shares dropping more than 7% in pre-market trade today.

Meanwhile, Nike ( NKE ) shares are up 5% at $73.95, a new 52-week high, after it reported Q1 EPS of $0.86, versus the analyst consensus of $0.78 per share on Capital IQ. Revenue was $6.97 billion, ahead of expectations of $6.96 billion.

Also this morning, NKE was downgraded to a Hold from Buy on valuation at Stifel Nicolaus.

And, Gannett Co., Inc. ( GCI ) has priced its offering of senior notes due 2019 and senior notes due 2023 previously announced.

The face value of the 2019 Notes is $600 million, with an interest rate of 5.125%. The 2019 Notes were priced at 98.724% of face value. The face value of the 2023 Notes is $650 million, with an interest rate of 6.375%. The 2023 Notes were priced at 99.086% of face value.

The company intends to use the net proceeds from the offering plus available cash to finance the acquisition of Belo Corp ( BLC ). Any remaining proceeds may be used for general corporate purposes.



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 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: BLC , GCI , JCP , NKE

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