Markets

Consumer Sector Update for 09/15/2016: VIAB,CBS,MYCC,UWN

Top Consumer Stocks

WMT +1.40%

MCD +0.84%

DIS +0.46%

CVS +0.82%

KO +0.61%

Consumer stocks were finishing mostly higher on Thursday afternoon, with shares of consumer staples companies in the S&P 500 rising about 0.8% while shares of consumer discretionary firms in the S&P 500 also were advancing over 0.7%.

In company news, Viacom ( VIAB ) was retreating Thursday after CBS chief executive Les Moonves today threw cold water on market chatter the two media companies have been discussing a deal to re-combine.

Viacom was spun off from CBS into a stand-alone company in 2005 although some market participants have speculated they could be re-united ever since Viacom controlling shareholder Sumner and his daughter won a control fight at the company this summer.

Speaking at a Bank of America Merrill Lynch investor conference, Moonves said while he and others at the company would enjoy having more assets to work with, "We're happy with the hand we're playing on our own with our own assets."

VIAB shares were down nearly 1% at $37.22 each, previously sinking to a session low of $36.53 a share. CBS shares were up about 0.3% at $52.29 apiece this afternoon, easing from a session high of $52.52 a share earlier today.

In other sector news,

(+) MYCC, FrontFour Capital - owner of 3.4% of MYCC stock - calls for the company to explore its strategic alternatives, saying its stock is undervalued.

(-) UWN, Swings to $0.01 per share fiscal Q1 net loss, reversing a $0.03 per share profit during year-ago period. Net revenue rose 15.1% over last year to $18.3 mln. No analysts were available for comparison.

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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