Sector Update: Consumer
Consumer stocks are narrowly mixed in late afternoon trading with shares of consumer staples companies in the S&P 500 climbing less than 0.1%. Shares of consumer discretionary firms in the S&P 500 are down less than 0.1%.
In company news, Shares of The E.W. Scripps Company ( SSP ) are up 1.3% at $18.59 each, looking to finish about 25 cents off their best levels of the day after the Benchmark Co. increased its price target for the broadcaster and newspaper publisher by $4 to $22 a share.
Benchmark maintained its Buy recommendation for the the stock.
E. W. Scripps operates in segments including television, newspapers, print advertising, digital advertising, and syndication.
In other sector news,
(+) JOSB, Drops its hostile takeover bid for Men's Wearhouse ( MW ), prompting MW's largest individual shareholder to launch a proxy fight to oust the current MW board and force a deal. MW shares also rallied.
(-) SUMR, Q3 net loss of $0.07 improves on 3.63 per share loss last year but still trails analyst estimates expecting $0.02 per share profit. Revenue declines 21.1% year over year to $50.5 mln, missing by $7.57 mln. Announces more job cuts.