Markets

Sector Update: Consumer

Consumer stocks were higher this afternoon with shares of consumer staples companies in the S&P 500 climbing about 0.1%. Shares of consumer discretionary firms in the S&P 500 were ahead about 0.2%.

In company news, IMAX Corp (IMAX,IMX.TO) shares rose Monday after the large-screen movie presentations company today announced a $150 million stock buyback program.

The company said the program - slated to run up to three years - reflects its strong financial position and positive expectations for its future cash position as well as its focus on returning value to shareholders. At the stock's current share price, the program would re-purchase around 5.35 million shares, reducing its number of outstanding shares by nearly 8%, based on IMAX's 67.96 million shares now available.

Separately Monday, the company said it selected Necsel to be the exclusive global provider of lasers for IMAX laser projection systems. Financial terms of the contract were not immediately disclosed.

IMAX shares were ahead 3.3% at $27.87 each in New York trade this morning, recently climbing to a session high of $28.00 a share. The stock has a 52-week range of $23.50 to $31.23 a share, climbing just under 9% over the past 12 months.

IMX.TO shares were up 3.4% at C$30.28 apiece in recent trade at the Toronto Stock Exchange, advancing to an intra-day high of $30.38 this morning.

In other sector news,

(+) LAD, (+13.5%) Announces definitive agreement to acquire for $362.5 mln overall, offering $340 mln in cash and 300,000 shares of its stock in exchange for 27 new retail locations.

(-) DWA, (-11.6%) "How to Train Your Dragon 2" sequel sells about $50 mln in tickets during its opening weekend, trailing estimates for a $65 mln box office.

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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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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