Consumer Sector Update for 04/16/2019: VFF,SGMS,WYNN,OMC,PKG
Top Consumer Stocks
Consumer stocks were broadly mixed in late trade, with shares of consumer staples companies in the S&P 500 slipping almost 0.1% this afternoon while shares of consumer discretionary firms in the S&P 500 were ahead about 0.5%.
Among consumer stocks moving on news:
(-) Village Farms International (VFF) fell over 13% after short-seller Citron Research set a $1 price target for the farm products company, saying the company has moved to the dark side by partnering with shady stock promoters who have a track record of failed businesses and joint ventures. "This along with a paid stock promotion has resulted in a vertical move in the stock," Citron said, also calling for a regulatory probe of the company.
In other sector news:
(+) Scientific Games Corp (SGMS) jumped 8% on Tuesday after the gambling products company said it was partnering with Wynn Resorts (WYNN) to launch digital sports betting and iGaming applications for the casino company throughout the United States. The initial launch is planned for New Jersey, where state lawmakers approved legislation enabling sports betting last June, and will use several Scientific Games products, including its managed sports trading service and content aggregation system.
(+) Omnicom Group (OMC) climbed 5% after the public relations and ad shop reported Q1 net income of $1.17 per share, improving on a $1.14 per-share profit during the year-ago period and beating the Capital IQ consensus for the three months ended March 31 by $0.07 per share.
(-) Packaging Corp of America (PKG) dropped nearly 4% after BofA-Merrill Lynch lowered its investment rating on the containerboard and corrugated packaging company to neutral from buy.
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