Top Consumer Stocks
WMT +1.17%
MCD +0.80%
DIS +0.29%
CVS -1.78%
KO +1.44%
Consumer stocks turned solidly higher this afternoon following the Federal Reserve's expected rate increase and more progress on the Republican tax bill in Congress. At last look, shares of consumer staples companies in the S&P 500 were adding over 0.6% while shares of consumer discretionary firms in the S&P 500 were posting a nearly 0.2% advance.
In industry news:
The November consumer price index headline number was in-line with expectations, rising 0.4%. Excluding food and energy, core CPI recorded a below-consensus 0.1% gain. Energy costs declined 3.9% last month while food prices were flat. Apparel prices dropped 1.3% and medical care expenses fell about 0.1%.
Among consumer stocks moving on news today:
+ World Wrestling Entertainment ( WWE ) pushed to a record high of $31.89 a share after this morning saying it will stream a new "in-ring" series live on Facebook ( FB ) Watch starting next month. The 12-episode series, Mixed Match Challenge, begins Jan. 16 for U.S. viewers exclusively. WWE shares also are getting a boost from MKM Partners today raising its price target for the stock by $13 - or 52% above its prior view - to $38 each.
In other sector news,
+ Long Island Iced Tea ( LTEA ) raced as much as 74% higher Wednesday after signing two agreements with Natur, becoming the exclusive distributor for the European healthy food and beverage company in North America while Natur will distribute Long Island Ice Tea products on its home turf.
+ Discount retailer Target ( TGT ) rose Wednesday after paying $550 mln in cash to acquire Shipt, an online, same-day delivery platform using a network of 20,000 personal shoppers to fulfill and deliver orders from multiple retailers within 72 hours.
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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.
