Sector Update: Consumer
Consumer stocks are mostly higher with shares of consumer staples companies in the S&P 500 climbing 0.4%. Shares of consumer discretionary firms in the S&P 500 are rising 0.2%.
In company news, United Online ( UNTD ) is up nearly 43% at $12.34 a share in late trade, easing somewhat from its new 52-week high of $14.30 that followed the online retailer of consumer products today completing the spinoff of its FTD Companies (FTDDV) floral business.
All FTDDV shares held by UNTD were distributed to shareholders through a tax-free dividend, with shareholders receiving one FTDDV share for each five UNTD shares they held.
UNTD also executed a 1-for-7 reverse stock split before the market open. FTDDV is up 1.7% at $35.10 a share shortly before the closing bell.
In other sector news,
(+) TCS, Shares more than double in price during their first day on the public markets. The online retailer earlier priced its initial public offering of 12.5 million shares for $18 each, the high-end of its expected range.
(-) CEC, Q3 revenue slips 0.4% from year-ago levels to $195.9 mln, trailing Wall Street expectations by $3.17 mln. EPS of $0.43 per share beats by $0.07.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.