Consumer Sector Update for 06/10/2019: EMMS,THO,KHC,TAP

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Top Consumer Stocks

WMT +1.34%

MCD -2.06%

DIS -0.69%

CVS +1.99%

KO -0.19%

Consumer stocks were broadly higher, with shares of consumer staples companies in the S&P 500 rising less than 0.1% this afternoon while shares of consumer discretionary firms in the S&P 500 were ahead over 0.8%.

Among consumer stocks moving on news:

(+) Emmis Communications ( EMMS ) jumped out to a 8% gain on Monday after the radio broadcaster disclosed plans to sell its 50.1% interest in a partnership that owns and operates six radio stations and two FM translators in Austin, Texas, to its minority partner, Sinclair Telecable. The buyers, who are not affiliated with the Sinclair Broadcast Group ( SBGI ), paid $39.3 million for the station cluster, which will be rebranded as Waterloo Media.

In other sector news:

(+) Thor Industries ( THO ) rose 4% on Monday after the recreational vehicle manufacturer said it has cut the term-loan B debt from its buyout of the Erwin Hymer Group earlier this year by around $255 million, or 11.1%, to $1.23 billion in addition to paying down all $100 million of its asset-based loan facility tied to the Feb. 1 acquisition.

(+) The Kraft Heinz Company ( KHC ) was 5% higher this afternoon after late Friday saying it was restating some of its consolidated financial statements for the 12 months ended Dec. 30, 2017, and Dec. 29, 2016, as well as six fiscal quarters extending through last September, after completing an internal probe. The company also said it expects to report financial results for its fiscal Q1 ended March 31 by the end of July.

(-) Molson Coors ( TAP ) fell nearly 4% after Credit Suisse Monday began analyst coverage of the brewery company with an underperform stock rating and a $50 price target.

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: EMMS , SBGI , THO , KHC , TAP

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