Markets

Consumer Sector Update for 09/12/2017: MGM,ROST,LMNR

Top Consumer Stocks

WMT +0.65%

MCD -3.28%

DIS +0.83%

CVS +3.37%

KO +0.40%

Consumer stocks produced moderate gains this afternoon, with shares of consumer staples companies in the S&P 500 still showing a 0.1% increase while shares of consumer discretionary firms in the S&P 500 were hanging on for a nearly 0.4% advance.

In company news, MGM Resorts International ( MGM ) has pared much of its earlier losses, trimming a nearly 3% mid-day decline to a session low of $32.18 a share that came despite the casino company today saying it was repurchasing 10 million shares of its common stock from Tracinda Corp at average of $32.75 each, or $327.5 million overall.

Following the stock buyback, Tracinda will own about 47.1 million shares, or 8.3%, of the company's outstanding common stock.

In other sector news,

(+) ROST, Bernstein begins analyst coverage with Outperform rating and a $74 price target.

(-) LMNR, Reiterates FY17 guidance expecting net income of $0.51 to $0.55 per share, trailing the analyst consensus by at least $0.05 per share. Also reports fiscal Q3 EPS of $0.52, matching Street view, while sales rise 1.2% to $40.4 mln, topping the $37.9 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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