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Consumer Sector Update for 09/30/2016: SNMX,PEP,COSI,CORE


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Top Consumer Stocks

WMT +2.34%

MCD +0.55%

DIS +1.36%

CVS +0.12%

KO +0.79%

Consumer stocks were advancing during Friday trading, with shares of consumer staples companies in the S&P 500 posting a 1.2% increase while shares of consumer discretionary firms in the S&P 500 were ahead by around 0.8%.

In company news, Senomyx ( SNMX ) shares surged during Friday trading after the food additives company today said it has extended its Sweet Taste collaboration program with PepsiCo ( PEP ) for another three years.

Under the contract extension, PepsiCo receives non-exclusive rights to use Senomyx's natural sweeteners and flavor ingredients in all of its non-alcoholic beverages in exchange for $6 million per year, or $18 million overall, in research and development payments to Senomyx, which is also eligible for additional milestone and royalty payments from the sale of products developed through the companies' collaboration.

SNMX shares were up nearly 9% at $4.31 apiece this afternoon, easing from a prior run today to $4.49 a share. PEP shares also were higher, rising slightly more than 1% to $108.96 each, with the stock continuing to find support despite Jefferies today trimming its price target for PepsiCo by $2 to $122 a share, reiterating its current Buy rating.

In other sector news,

(+) COSI, (+1.3%) Names Randy Kominsky as chief restructuring officer, with the president of the Alliance For Financial Growth since 1996 joining the restaurant chain Oct. 4.

(-) CORE, (-3.2%) Jefferies downgrade to Hold from Buy with a $33 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: PEP , CORE



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