Markets

Consumer Sector Update for 01/23/2017: AMC,KATE,COH,KORS,PETS

Top Consumer Stocks

WMT -0.72%

MCD -0.67%

DIS -0.82%

CVS -0.15%

KO +0.31%

Consumer stocks were narrowly lower Monday afternoon, with shares of consumer staples companies in the S&P 500 slipping about 0.1% while shares of consumer discretionary firms in the S&P 500 also were posting a 0.1% retreat.

In company news, AMC Entertainment Holdings ( AMC ) was lower in mid-day trading after the movie-theater chain further expanded its European presense, today announcing it was acquiring Stockholm-based Nordic Cinema Group, the largest theater chain in Scandinavia, for $929 million in cash.

Nordic currently operates 68 theatres through Scandinavia and the Baltic states, along with another theater now under construction in Norway, generating about $375 million in revenue during the 12 months ended Sept. 30, 2016. It had been owned by Bridgeport, an European private equity firm, and the Swedish media group Bonnier Holding, with the upcoming transaction conditioned on anti-trust clearance by the European Commission.

AMC shares were down almost 1% at $34.00 apiece, giving back a nearly 2% advance to $34.90 a share soon after today's opening bell.

In other sector news,

(+) KATE, (+3.8%) Reportedly drawing buyout interest from Coach Inc ( COH ), Michael Kors ( KORS ) and other luxury-brand companies as it pursues a sale, according to Bloomberg.

(-) PETS, (-1.0%) Fiscal Q3 EPS of $0.24 misses Street view by $0.01 per share. Revenue rises 3.9% over year-ago levels to $52.9 mln, roughly in-line with the $52.7 mln consensus.

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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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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