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GPS

Consumer Sector Update for 10/07/2016: FNCX,PER.TO,GPS,RT

Top Consumer Stocks

WMT -1.24%

MCD -0.51%

DIS -0.53%

CVS -0.30%

KO -0.24%

Consumer stocks were largely underwater Friday afternoon, with shares of consumer staples companies in the S&P 500 dropping about 0.7% while shares of consumer discretionary firms in the S&P 500 were posting a 0.6% decrease.

In company news, FunctionX Inc. ( FNCX ) declined Friday after the fantasy-sports company previously known as Draft Kings said it sold 450,468 shares of Perk Inc. stock back to the mobile rewards program company for $1.3 million, or about $2.89 per share - a 26% discount to Perk's Feb. 8 closing share price when FunctionX acquired the stock in exchange for its former Wiggle application.

In addition to the common stock, FunctionX also returned warrants to buy up to 2 million additional shares at C$6.25 apiece along with purchase rights to acquire still more Perk stock based on Wiggle's performance. Following the Sept. 29 transaction, FunctionX no longer owns any Perk stock.

FNCX shares were down nearly 10% at $4.72 each, earlier falling to a session low of $4.55 a share. Perk shares were higher in Canada, rising nearly 1% to C$2.40 apiece, matching their session high.

In other sector news,

(+) GPS, (+14.3%) Reports 4% increase over last year in sales for its Old Navy unit during five weeks ended Oct. 1, topping 1% consensus estimate compiled by Bloomberg. Company-wide sales slip 2% to $1.43 bln.

(-) RT, (-12.0%) Adjusted Q1 net loss widens to $0.11 per share compared with a $0.03 per share loss during in the year-ago period. Q1 sales fall 8.2% to $256.7 mln. No analyst estimates 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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