Sector Update: Consumer Stocks Continue to Lose Ground This Afternoon; Amazon.Com Looks to Resolve Hachett Battle
Top Consumer Stocks
Consumer stocks were lower with shares of consumer staples companies in the S&P 500 recently losing about 0.2% while shares of consumer discretionary firms in the S&P 500 were down nearly 1.0% this afternoon.
In company news, Amazon.com ( AMZN ) shares fell Tuesday after reportedly offering an olive branch in its fight with Hachett Book Group over e-book revenue, proposing authors in the publisher's stable receive all proceeds from the sale of digital books while it works on a broader distribution deal with the publishing house.
With the often-bitter dispute with Hachette now in its third month, AMZN is seen as trying to win back the support of authors, according to the Wall Street Journal. It made the offer directly to authors and their agents, the newspaper said, adding AMZN would immediately resume selling Hachette inventory with normal pricing and pre-orders if Hachett accepts the offer.
AMZN was down nearly 3% at $323.80 a share in late trade, earlier sinking to a session low of $321.48. The stock has a 52-week range of $279.33 to $408.06 a share, rising slightly more than 11% over the past 12-month span.
In other sector news,
(+) GES, Raised to to Overweight from Neutral at Piper Jaffray. Price target increased by $7 to $32 a share.
(-) TSLA, Chinese businessman Zhan Baosheng files trademark infringement suit, seeking $3.85 mln in damages and wanting to bar all activity by the company in China after registering the Tesla trademark there in 2006.