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Sector Update: Consumer

By: MT Newswires
Posted: 6/24/2014 8:41:00 AM
Referenced Stocks: WAG;COST;NAV

Consumer shares were generally mixed in pre-market trade Tuesday.

In consumer stocks news, Walgreen Co. ( WAG ) shares were lower after the drug-store chain reported fiscal lower-than-expected Q3 adjusted earnings.

For the quarter ended May 31, Walgreen reported adjusted earnings of $0.91 per share in the latest quarter, above the prior-year period's $0.85 per share, but below the $0.94 per share expected by analysts polled by Capital IQ.

And, Costco Wholesale ( COST ) shares were initiated at Morgan Stanley with an overweight rating and a price target of $134 a share. The price target represents a potential upside of 16% from the stock's current market price.

Finally, Navistar International ( NAV ) said it has amended its shareholder rights plan into a tax asset protection plan that is designed to discourage any person or group from becoming a 5% shareholder.

Initially, the shareholder rights plan had been set to expire on July 1. The new tax asset protection plan will expire on Sept. 1.