Markets

Consumer Sector Update for 03/23/2015: BEL,FRSH,GTN

Top Consumer Stocks

WMT +0.34%

MCD +1.84%

DIS +0.18%

CVS +0.91%

KO +0.31%

Consumer stocks were with moderately higher in late trade today with shares of consumer staples companies in the S&P 500 advancing about 0.5%. Shares of consumer discretionary firms in the S&P 500 were up 0.2%.

In company news, Belmond ( BEL ) was higher in late Monday trade after the hotel company announced plans to repurchase up to $75 million of its class A common stock, effective immediately.

The company said while in recent years it has typically used excess cash for repaying debt and reinvesting into its core business, the new stock buyback program " important additional component of the company's ongoing capital allocation strategy."

BEL shares were ahead nearly 3% at $12.10 each, easing from an earlier run to $12.28 a share. The stock has traded within a 52-week range of $10.45 to $15.00 a share, slipping nearly 15% over the past 12 months through Friday's close.

In other sector news,

(+) FRSH, Announces plans to grow its presence in the Southeastern U.S., recently completing acquisitions of existing Papa Murphy's franchise stores in Jacksonville, Fla., as a springboard for further expansion throughout the region.

(-) GTN, Announces plans to sell 12 mln shares in a public offering of its common stock. Proceeds will be used for general corporate purposes, including debt repayment, potential acquisitions and ongoing expenses.

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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