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Consumer Sector Update for 05/06/2019: SBGI,DIS,POST,FRED


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Top Consumer Stocks

WMT -0.21%

MCD +0.32%

DIS +0.31%

CVS -1.42%

KO -0.57%

Consumer stocks were broadly lower, with shares of consumer staples companies in the S&P 500 falling about 0.5% this afternoon while shares of consumer discretionary firms in the S&P 500 were sinking 1.1%.

Among consumer stocks moving on news:

(+) Sinclair Broadcast Group ( SBGI ) was surging this afternoon, rising over 29%, after the television broadcaster late Friday announced a deal with The Walt Disney Co ( DIS ) to acquire an equity stake in 21 regional sports networks along with Fox College Sports for $9.6 billion. Sinclair also is providing another $1 billion in preferred stock to support its new indirect subsidiary, Diamond Sports Group, which will house the sports networks.

In other sector news:

(+) Post Holdings ( POST ) climbed 2% after Goldman Sachs raised its rating on the breakfast cereal company's shares to buy from neutral.

(-) Fred's ( FRED ) fell 60% to a record low of 55 cents a share on Monday after the discount retailer reported a nearly three-fold increase in its fiscal Q4 net loss while net sales for the three months ended Feb. 2 dropped 17.2% from year-ago levels. Its net loss widened to $1.86 per share from $0.68 per share while net sales slid to $307.1 million from $370.9 million last year.

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: SBGI , DIS , POST , FRED



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