Consumer Sector Update for 03/20/2019: GME,GOOG,GOOGL,SBH,GIS,SMG

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Top Consumer Stocks

WMT -1.00%

MCD +0.07%

DIS -1.27%

CVS -1.66%

KO +0.01%

Consumer stocks drifted lower on Wednesday, with shares of consumer staples companies in the S&P 500 dropping over 0.5% while shares of consumer discretionary firms in the S&P 500 also were posting a more than 0.5% decline.

Among consumer stocks moving on news:

(-) Gamestop Corp ( GME ) dropped to a five-year low on Wednesday, sinking 5% to $10.40 a share, after Alphabet's (GOOG,GOOGL) Google unit unveiled its new streaming service exclusively for video gaming. Unlike current gaming platforms sold be Gamestop and other specialty retailers, Google's Stadia will not require a console, instead running on any television running Chromecast or PCs, tablets or phones using a Chrome browser through a wi-fi connection.

In other sector news:

(+) General Mills ( GIS ) climbed 2% after the breakfast cereal maker reported non-GAAP fiscal Q3 net income of $0.83 per share, improving on $0.79 per share during the year-ago period and beating the Capital IQ consensus by $0.14 per share. Net sales rose 8.1% to $4.2 billion, compared with the $4.21 billion Street view.

(-) Scotts Miracle-Gro ( SMG ) dropped 6% after the garden care company Wednesday said it sold its 30% stake in TruGreen, receiving $234 million from Clayton Dublier & Rice, its private-equity partner in the lawn services joint venture. Scott's also received another $18.4 million after selling its share of TruGreen liabilities to an unnamed third party. Net proceeds from the deals will be used to reduce debt at Scott's.

(-) Sally Beauty Holdings ( SBH ) fell 5% after late Tuesday saying it has completed its $100 million tender offer, repurchasing $57.5 million of its 5.625% senior notes due 2025 and $2.6 million of its 5.50% senior notes due 2023.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Business , Commodities
Referenced Symbols: GME , GIS , SMG , SBH , GOOG

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