Top Consumer Stocks
Consumer stocks were broadly lower in late trading today, with shares of consumer staples companies in the S&P 500 retreating over 0.9% while shares of consumer discretionary firms in the S&P 500 were slipping more than 2.1%.
In company news, shares of Burcon NutraScience Corp (BUR,BU.TO) spiked Thursday after the food supplements company today said it expects the first commercial-scale production facility for its ClariSoy soy protein product to be fully operational by mid-2016.
The plant is being built by Archer-Daniels-Midland Company ( ADM ) under a 20-year agreement between the companies providing ADM with exclusive global rights to sell ClariSoy in all potential product with Burcon receiving a share of quarterly net revenue as royalties.
BUR shares were up nearly 19% at $1.65 each this afternoon, earlier touching a session high of $1.71 a share. BU.TO shares also were higher at C$2.25 apiece, rising nearly 17%, at the Toronto Stock Exchange, while ADM shares were down almost 3% today at $34.47 each, or just 2 cents above their session low.
In other sector news,
(+) P, Government panel raises music royalties by 21%, turning down 79% industry proposal. Albert Fried upgrade to Overweight. FBR Capital raises to Market Perform with $16 price target. Also, Axiom raises price target by $3 to $17; MKM Partners adds $4 to $18 a share.
(-) PIR, Sees adjusted Q4 EPS of $0.18 to $0.22, trailing Capital IQ consensus by at least $0.14 per share. Also trims projected FY16 merchandise margin, as a percentage of sales, to 55% from prior guidance expecting between 55.5% to 56%.
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