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Consumer Sector Update for 09/27/2016: CZR,AZO,AOI

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Top Consumer Stocks

WMT +0.96%

MCD +0.24%

DIS -0.38%

CVS +0.54%

KO +1.15%

Consumer stocks were advancing today, with shares of consumer staples companies in the S&P 500 increasing about 0.9% while shares of consumer discretionary firms in the S&P 500 were pushing to a nearly 1.1% gain.

In company news, Caesars Entertainment Corp ( CZR ) declined Tuesday after the casino company today announced a consensual restructuring plan for its Caesars Entertainment Operating Company and its Chapter 11 debtor subsidiaries.

The proposal already has received positive confirmations from many of the subsidiary's major creditors, Caesars said, adding it is confident the plan will be supported by the required number of creditor to move forward on the bankruptcy plan in 2017. The proposed reorganization also will release all pending and potential litigation against Caesars Entertainment and related companies.

CZR shares were down almost 17% at $7.89 this afternoon, maintaining a 9-cent cushion over its session low of $7.80 a share.

In other sector news,

(+) AZO, (+2.0%) Morgan Stanley raises investment rating to Overweight from Equal Weight and increasing its price target for the company's stock by $20 to $840 a share.

(-) AOI, (-11.7%) Discloses plans for a $275 mln offering of senior secured first-lien notes due April 2021. Net proceeds will be used to repay all of its debt owed under its senior secured revolving credit facility and a portion of its foreign seasonal lines of credit.

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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