Top Consumer Stocks
Consumer stocks were mixed to lower ahead of the regular session's close, with shares of consumer staples companies in the S&P 500 slipping 0.7% lower this afternoon while shares of consumer discretionary firms in the S&P 500 were down 0.2%.
Among consumer stocks moving on news:
(+) Spectrum Brands Holdings ( SPB ) reversed modest gains to drop nearly 11% on Thursay after the consumer products company agreed to sell its auto care business to Energizer Holdings ( ENR ) for $1.25 billion in cash and stock, including $937.5 million in cash and $312.5 million of Energizer Holdings' shares. Energizer Thursday also said it has revised the purchase agreement for its proposed purchase of Spectrum's battery and portable lighting business equity in a possible bid to overcome objections to the deal by European regulators, cutting the acquisition price to a range of $1.4 billion to $1.5 billion from $2.0 billion previously. The transaction already has received regulatory approvals in the United States, Australia and Columbia.
In other sector news:
(+) JCPenney ( JCP ) was over 2% higher this afternoon, recovering from a nearly 14% slide to a worst-ever $1.05 a share previously in the session that followed the retailer recording an adjusted Q3 net loss of $0.52 per share, expanding on a $0.35 per share net loss during the same quarter last year but still topping the Capital IQ consensus expecting a non-GAAP net loss of $0.56 per share. Total sales fell to $2.65 billion during the three months ended Nov. 3 compared with $2.85 billion in sales last year and trailing the $2.77 billion analyst mean. Same-store sales fell 5.4%.
(-) Walmart ( WMT ) was more than 2% lower Thursday afternoon, giving back a 1% advance soon after the opening bell for the retail giant after it reported better-than-expected Q3 earnings and revenue and also raised its FY19 earnings guidance to match Wall Street estimates. Excluding one-time items, the company earned $1.08 per share on $124.9 billion in sales, topping the Capital IQ consensus by $0.06 per share and $500,000, respectively.