Consumer Sector Update for 10/05/2016: NFLX,REED,AYI

Top Consumer Stocks

WMT 0.00%

MCD +0.04%

DIS -0.08%

CVS +0.03%

KO -0.12%

Consumer stocks were broadly mixed in late trade, with shares of consumer staples companies in the S&P 500 slipping about 0.1% while shares of consumer discretionary firms in the S&P 500 advanced about 0.6%.

In company news, Netflix ( NFLX ) shares remained near their session high late Wednesday after the streaming video company inked a deal with luxury-theater chain iPic Entertain to simultaneously screen its films as they are released online beginning later this week.

Under the deal, first reported by the Wall Street Journal, 10 Netflix films be shown at iPic theaters in New York and Los Angeles over coming months, starting with "The Siege of Jadotville" on Friday, Oct. 7., and followed by a Christopher Guest mockumentary "Mascots" next weekend. Financial details of the new partnership were not disclosed although the companies said they were exploring ways for a wider release for the films in the future.

Besides generating a little extra money for Netflix, the iPic deal more importantly will also likely qualify its films for Oscar consideration. Under Academy rules, films must be shown in New York and Los Angeles for at least seven consecutive at a qualifying theater, which must "regularly show new releases" with multiple showings daily.

In a relatively short span, Netflix already has become a television powerhouse, garnering 54 Emmy nominations this year - its most ever. An Academy Award would seem the next logical step, especially for the company's ambitious co-founder and chief executive, Reed Hastings.

NFLX shares were up almost 4% at $106.38 apiece, previous topping out today at $106.40 a share.

In other sector news,

(+) REED, Target ( TGT ) begins sales of the company's Ginger Brew premium craft soda at 1,335 U.S. store locations.

(-) AYI, Fiscal Q4 of $2.21 per share lags Capital IQ consensus by $0.18 per share. Revenue rises 21.9% over year-ago levels to $925.5 mln, also missing the $946.53 mln consensus Street view.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story


Other Topics


Latest Markets Videos


    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More