Top Consumer Stocks
Consumer stocks were ending mixed on Wednesday, with shares of consumer staples companies in the S&P 500 dropping 1.3% while shares of consumer discretionary firms in the S&P 500 were posting a 0.1% gain, reversing an earlier slide.
In company news, Walgreens Boots Alliance ( WBA ) advanced Wednesday following reports the retail pharmacy chain recently sued Theranos in Delaware state district court, alleging breach of contract by the one-time, high-flying medical device startup and seeking $40 million in damages.
The civil lawsuit against the lab testing company was filed under seal and details of the suit were not known, according to the Wall Street Journal. alleged breach of contract are still unknown. Sources told the newspaper that Walgreens is claiming it was misled by Theranos about the state of its blood-testing technology when the two companies were partnered.
An October 2015 report by the Journal exposed serious problems with Theranos' primary product, which it claimed was able to run around 240 different tests from a single dot of blood. Walgreens abandoned the partnership in June after investing an estimated $140 million.
WBA shares recently were up nearly 2% at $81.66 apiece after previously climbing to a session high of $82.21 a share.
In other sector news,
(+) SEAS, FBR & Co increases price target by $5 to $20 a share.
(-) TRIP, Revenue rises 1.4% over year-ago levels to $421 mln but still comes up shy of the $436.93 mln consensus. Q3 EPS of $0.53 tops Wall Street expectations by $0.01 per share.
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