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Sector Update: Consumer

Consumer stocks are mixed again, with shares of consumer staples companies in the S&P 500 rising less than 0.1% while shares of consumer discretionary firms in the S&P 500 are declining about 0.3%.

In company news, Madison Square Garden is down nearly 3% at $58.84 a share, turning negative within the first hour of the session although the operator of the New York sports arena, teams and television properties earned $0.31 per share, up from a $0.26 profit during the same quarter last year and beating the Capital IQ consensus by $0.11 per share.

Revenue rose 5.6% year over year to $215.6 million, also exceeding Wall Street expectations by around $3.6 million.

MSG said results were boosted by improved performance by its Media and Sports segments, although that was partially offset by weaker revenues in its Entertainment operation.

In other sector news,

(-) THO, (-1.7%) Acquires specialty trailer manufacturer Bison Coach from Navistar ( NAV ) for $16.7 mln in cash. Bison is expected to generate around $30 mln in sales during the 12 months ended Oct. 31. THO expects the deal will be accretive to earnings.

(-) CEC, (-7.1%) 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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