Sector Update: Consumer
Consumer stocks are lower today with shares of consumer staples companies in the S&P 500 sliding 0.6%. Shares of consumer discretionary firms in the S&P 500 also are down around 0.6%.
In company news, CHS Inc. ( CHSCP ) is down 8.7% at $29.15 a share shortly before the closing bell and the agra-business firm today pricing an offering of 10 mln shares of its Class B of 7.875% acumulative redeemable preferred stock at $25.00 per share.
CHSCP is expecting to pocket about $241.6 million in net proceeds after underwriting discounts, commissions and other offering costs are deducted.
In other sector news,
(+) NYNY, Federal judge in Manhattan dismisses lawsuit brought by Concord Associates accusing the casino company of antitrust violations and seeking over $500 million in damages.
(-) JCP, Vornado Realty Trust sells 13.4 million shares - its entire 6.1% stake - of the department store chain's stock at $13.10 apiece, according to Dow Jones Newswires, citing a person familiar with the deal.