Markets

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.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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