Top Consumer Stocks
Consumer stocks were narrowly mixed Tuesday afternoon compared with moderate declines earlier in the session. At last look, the shares of consumer staples companies in the S&P 500 still were down less than 0.1% but the shares of consumer discretionary firms in the S&P 500 were climbing 0.1% in late trade.
Among consumer stocks moving on news,
(+) Tencent Music Entertainment (TME) was fractionally higher shortly before Thursday's closing bell, giving back an early 4% gain that followed a consortium led by the Chinese online music platform announcing the purchase of a 10% equity stake in Vivendi's Universal Music Group. The companies also said they agreed to a separate deal allowing Tencent and its partners to increase its minority interest in Universal's greater China business up to 20% before Jan. 15, 2021.
In other sector news:
(+) Sonos (SONO) climbed nearly 3% after the consumer electronics company responded to social media backlash over its product trade-up and recycling programs by saying it believes it was not responsible to sell used products to new customers who may not understand the products can be as much as 10 years old and do not deliver "the Sonos experience they expected."
(+) 500.com (WBAI) rose 2% after saying board chairman Xudong Chen has resigned and Zhengming Pan agreed to temporarily step down as CEO amid a probe into alleged illegal money transfers at the Chinese online sports lottery company following the arrest of one consultant and two former consultants to the company by Tokyo prosecutors. Chief technical officer Zhaofu Tian was named interim chief executive while Shengwu Wu was selected to replace Chen as board chairman.
(-) Walmart (WMT) slid nearly 1% this afternoon. Morgan Stanley late Monday raised its price target for the retail giant by $5 to $130 a share, citing rising e-commerce sales and improving fundamentals for its customers.
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