Top Consumer Stocks
Consumer stocks slid lower on Monday, with shares of consumer staples companies in the S&P 500 dropping over 0.8% in recent trade while shares of consumer discretionary firms in the S&P 500 trimmed most of their prior losses, ending with a 0.1% dip.
Among consumer stocks moving on news today,
+ Funko ( FNKO ) was nearly 6% higher shortly before Monday's closing bell, roughly halving its nearly 11% rise earlier in the session, after the pop culture consumer products company announced plans to start its inaugural cereal line. The cereal products will feature more than 40 characters from leading pop culture licenses, including Warner Bros. cartoon characters. The initial cereal products are expected to reach the market later this summer, with a suggested retail price of $7.99 per box.
In other sector news:
+ Tesla ( TSLA ) has turned lower Monday afternoon, dropping almost 3% after giving back all of a more than 6% gain earlier in the session that followed the electric vehicle manufacturer meeting its public goal of building 5,000 of its Model 3 sedans during the final week of June early on Sunday morning - or just a few hours after CEO Elon Musk's midnight deadline for the production goal. In a company-wide email sent Sunday afternoon obtained by Reuters, Musk said the auto maker hit its target of 5,000 Model 3s in a week, adding the company "next month" expects to be producing 6,000 vehicles per week. "I think we just became a real car company," Musk said in his message to employees.
- Nordstrom ( JWN ) fell over 3% on Monday after analysts at Cowen & Co lowered their investment rating for the department store retailer to Market Perform from Outperform. The downgrade precedes Nordstrom's yearly investor day on July 10.
- Wynn Resorts ( WYNN ) dropped as much as 9% on Monday following a smaller-than-expected increase in gaming revenue in Macau during June. According to the Gaming Inspection and Coordination Bureau , total revenue for the Chinese gaming mecca last month rose 12.1% over year-ago levels to MOP22.49, or about $2.78 billion, trailing Wall Street expectations for an 18.5% rise. Strong interest in the World Cup is believed to have cut int casino traffic during June, according to reports. Shares of other companies that derive a large share of their overall business in Macau, including Melco Resorts and Entertainment ( MLCO ), Las Vegas Sands (LVS) and MGM Resorts International (MGM), also sustained steep declines today.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.