Markets

Sector Update: Consumer

Consumer stocks were moderately higher this afternoon, with shares of consumer staples companies in the S&P 500 advancing about 0.3%. Shares of consumer discretionary firms in the S&P 500 were up about 0.4%.

In company news, Kandi Technolgies Group Inc. ( KNDI ) was sharply higher in mid-day trade Monday after the electric car manufacturer said its joint venture with Geely Automotive Holdings sold 4,114 of its Kandi brand vehicles during the three months ended June 30, a 238% increase over the same quarter last year.

KNDI expects to report its Q2 financial results on Aug. 11.

The company's stock also is likely finding support from the Chinese government's last week approving a wavier of the 10% sales tax on electric cars, plug-in hybrids and fuel-cell vehicles beginning Sept. 1 and extending through the end of 2017 in a bid to spur purchases and reduce air emissions.

KNDI shares were up about 16.% at $17.13 apiece in recent trade, just 2 cents off its session high. The stock has a 52-week range of $4.12 to $22.50 a share, racing to a 259.6% gain over the past 12 months.

In other sector news,

(+) BONA, (+6.9%) 21st Century Fox ( FOXA ) sells entire 19.3% stake, with CEO Yu Dong buying the equivalent of 3.77 mln ADS at $5.90 each and Fosun International ( FOSUF ), raising its stake to 20.8% from 7.5%, buying 8.33 mln ADS for $49.1 mln, or $5.90 each.

(-) CRMB, (-53.0%) Files voluntary bankruptcy petition, with a joint venture between Marcus Lemonis LLC and Fischer Enterprises buying the surviving company and providing debtor-in-possession funding.

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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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