Top Consumer Stocks
Consumer stocks were mixed in early-afternoon trading, with shares of consumer staples companies in the S&P 500 dropping nearly 0.9% while shares of consumer discretionary firms in the S&P 500 were holding on to less than a 0.1% gain.
In company news, Cummins ( CMI ) sped to a two-year high on Thursday as the diesel- and natural gas-engine manufacturer was exploring the sale of its filtration and coolants business and was hoping to pocket more than $1.5 billion from the deal.
Cummins has tapped an unnamed investment bank to run an auction for the unit sometime during the next two months, according to a Reuters report citing people familiar with the matter.
CMI shares were up almost 1% this afternoon at $142.86 each, earlier hitting its best price since December 2014 at $146.48 a share.
In other sector news,
(+) TLYS, Q3 EPS of $0.22 doubles up Capital IQ consensus. Revenue rises 7.3% over year-ago levels to $152.1 mln, also beating the $143.3 mln Street view. Guides Q4 results in-line with analyst estimates.
(-) GES, Falls to eight-year low after reporting non-GAAP Q3 EPS of $0.11 per share, missing Capital IQ consensus by $0.03 per share. Net sales rise 2.9% to $536.3 mln, also trailing the $548.92 mln consensus. Guides Q4 results below Street estimates.
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