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XLP

Consumer Sector Update for 10/05/2018: PENN,BJRI,COST,TSLA,CHEF,CVG,SNX

Top Consumer Stocks

WMT -1.2%

MCD +0.6%

DIS -0.93%

CVS -0.81%

KO flat

Consumer stocks were broadly lower again in late trading today, with shares of consumer staples companies in the S&P 500 ( XLP ) Friday sinking only 0.1% while shares of consumer discretionary firms in the S&P 500 ( XLY ) were dropping 0.7%.

Among consumer stocks moving on news:

(-) Penn National Gaming ( PENN ) was almost 8% lower in late Friday trading, extending a slim decline for the horse racing and casino company soon after the opening bell, despite S&P Dow Jones Indices late Thursday saying Penn National will move up to the S&P Midcap 400 index at the start of regular-session trading on Wednesday, Oct. 10, replacing Convergys Corp ( CVG ) after Synnex Corp ( SNX ) completes its acquisition of the customer-management company later Friday. The Chefs' Warehouse Inc. (CHEF) was selected to replace Penn National in the S&P SmallCap 600 index.

In other sector news:

(+) BJ's Restaurants (BJRI) rose as much as 5% on Friday, although more recently the stock gave back more than half of that early advance that followed Piper Jaffray upgrading the casual-dining chain to Overweight From Neutral.

(-) Costco Wholesale (COST) retreated 6% on Friday after the warehouse retailer warned it has identified a material weakness in its financial reporting controls when it files its Form 10-K annual report, upstaging better-than-expected Q4 financial results. The weakness relates to general information technology controls for user access and program change-management supporting its financial reporting processes, the company said, adding remediation efforts have already begun.

(-) Tesla (TSLA) was in another skid Friday afternoon, falling as much as 7%, after CEO Elon Musk appeared to mock the Securities and Exchange Commission in a Thursday Tweet, just days after he agreed to settle potential fraud charges sought by the stocks regulator stemming from "false and misleading" Tweets he made in August about taking the electric car-maker private. In an after-hours Tweet, Musk wrote: "Just want to that the Shortseller Enrichment Commission is doing incredible work. And the name change is so on point!"

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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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