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Consumer Sector Update for 12/13/2016: HTZ,IEP,GNUS,WWE

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Top Consumer Stocks

WMT +0.17%

MCD +0.78%

DIS -0.17%

CVS +0.46%

KO -0.35%

Consumer stocks were mostly higher Tuesday afternoon, with shares of consumer staples companies in the S&P 500 posting a 0.4% gain while shares of consumer discretionary firms in the S&P 500 were increasing almost 1.0%.

In company news, Hertz Global Holdings ( HTZ ) rallied Tuesday following reports billionaire investor Carl Icahn was talking with other potential buyers about a possible takeover of rental-car company.

Icahn - through his Icahn Enterprises ( IEP ), High River LP and other investment vehicles - more than doubled his stake in Hertz after its shares plunged in early November after the company disappointed Wall Street with below-consensus quarterly earnings and a subpar outlook. He purchased over 15 million shares, boosting his ownership interest to nearly 29.3 million shares, or 35.3% of its outstanding stock, according to recent regulatory filings.

HTZ shares were up more than 10% at $25.08 each, slipping slightly from a session high of $25.20 a share. IEP shares also were edging higher in late trade, rising about 0.3% to $47.88 apiece.

In other sector news,

(+) GNUS, Signs licensing agreement for content distribution, licensing and merchandising rights to SpacePOP throughout southern Europe, including Spain, Portugal and Italy. Brand launch planned for next year.

(-) WWE, Prices upsized $200 mln (from $175 mln) private placement of convertible senior notes due 2023. Also raises low end of its projected range for Q4 average paid network subscriptions to 1.4 mln.

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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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