Top Consumer Stocks
Consumer stocks turned narrowly mixed in late afternoon trading, with shares of consumer staples companies in the S&P 500 still climbing almost 0.2% while shares of consumer discretionary firms in the S&P 500 were down nearly 0.1%, giving back a small, mid-day advance.
Among consumer stocks moving on news:
(-) Penn National Gaming (PENN) was edging lower Wednesday afternoon, falling less than 1%, after the racing and casino company said it will soon begin construction at its Hollywood Casino Morgantown after receiving licensing approval from the Pennsylvania Gaming Control Board. Penn plans on operating 750 slot machines and 30 table games in addition to a sports and race book, restaurants and an entertainment lounge.
In other sector news:
(+) Mattel (MAT) jumped 4.5% higher after the toymaker last week turned down another takeover offer from privately held MGA Entertainment, according to reports. Mattel's chief legal officer Friday told MGA founder and CEO Isaac Larian they had no interest in future discussions, according to the Los Angeles Times. The Times reported that the deal was conditioned on Larian becoming Mattel's CEO and chairman and that the board quit with no "further compensation."
(-) Dave & Buster's Entertainment (PLAY) dropped 22% on Wednesday, falling to a 13-month low of $40 a share after the restaurant chain reported Q1 net income of $1.13 per share, improving from a $1.04 per share profit during the year-ago period but trailing the Capital IQ consensus by $0.01 per share.
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