Markets

Sector Update: Consumer

Consumer stocks were adding to their earlier gains with shares of consumer staples companies in the S&P 500 advancing about 0.4% while shares of consumer discretionary firms in the S&P 500 were up nearly 1.0% in late trade.

In company news, American depository shares of online marketplace 58.com Inc ( WUBA ) were up nearly 12% shortly before Tuesday's close after Tiger Global Management reported buying over 2.2 million shares of the company's stock, boosting its stake to around 6.5%.

Tiger Global and its affiliated fund now own 2.52 million WUBA shares, up from around 300,000 shares at the end of 2013, according to its latest 13F-HR filing.

WUBA shares were ahead 11.8% at $42.31 a share in late Tuesday trading, earlier climbing to an intra-day high of $21.15 to $58.89 a share, rising 123% since pricing its initial public offering of ADS at $17 each on Oct. 31.

In other sector news,

(+) NKE, Raised to Buy from Hold at Stifel Nicolaus, citing a recent correction in the company's share price and its "standout" fundamentals.

(-) CMCSA, Tells Federal Communications Commission in documents filed Tuesday its proposed merger with Time Warner Cable ( TWC ) would increase competition among high-speed Internet and cable television providers. TWC shares also fall.

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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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