Markets

Consumer Sector Update for 09/28/2015: CALM,MEG,CSTE

Top Consumer Stocks

WMT -0.24%

MCD -0.80%

DIS -1.39%

CVS -2.06%

KO -0.48%

Consumer stocks were retreating in Monday trade, with shares of consumer staples companies in the S&P 500 sliding more than 1.1% while shares of consumer discretionary firms in the S&P 500 were falling over 2.3%.

In company news, Cal-Maine Foods ( CALM ) declined Monday after the egg producer missed Wall Street projections for its fiscal Q1 per-share earnings despite a more than 70% increase in revenue compared with year-ago levels.

The company earned $2.95 per share during the June-through-August period, improving on a $0.55 per share profit last year but lagging the Capital IQ consensus looking for $3.14 per share. Revenue rose 70.9% over year-ago levels to $609.9 million, edging out the $596.7 million consensus.

CALM shares were down almost 12% at $50.80 apiece, earlier dropping to a session low of $50.50 a share.

In other sector news,

(+) MEG, (+23.0%) Nexstar launches $4.1 bln hostile bid, offering $14.50 per share in cash.

(-) CSTE, (-17.3%) Two independent directors resign from board on Friday; company reduces the number of board seats to nine from 11 in order to remain within Nasdaq rules requiring at least half of board members be non-affiliated with company.

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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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