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Sector Update: Consumer Stocks Mixed; Kandi Technologies Races to Steady Gains After Receiving Chinese Government Subsidies

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WMT +0.28%

MCD -0.95%

DIS -0.03%

CVS -0.21%

KO -0.13%

Consumer stocks were mixed, with shares of consumer staples companies in the S&P 500 climbing less than 0.1%. Shares of consumer discretionary firms in the S&P 500 were down more than 0.6%.

In company news, Kandi Technolgies Group Inc. ( KNDI ) rose Monday after the electric vehicle manufacturer pocketed nearly $16 million in subsidies from the Chinese government after selling more than 4,000 vehicles during the nine months ended March 31.

The $31.8 million (RMB197 mln) payout to the Kandi Electric Vehicles Group Co. joint venture covers the final six months of 2013 as well as an advance payment for the first three months of 2014. Kandi Electric Vehicles is a 50/50 partnership between KNDI and auto-maker Geely Automotive Holdings Ltd, with the subsidies split equally between the firms.

The companies also said local officials in Hangzhou are expected to soon announce their subsidy program for the electric vehicles used in short-term rentals and long-term leasing programs in the Chinese city.

KNDI shares were ahead just more than 6% at $14.87 apiece, earlier climbing to a session high of $15.58 a share. The stock has a 52-week range of $4.12 to $22.40 a share, more than tripling in value over the past 12 months, rising 202.7%.

In other sector news,

(+) EVRY, (+23.2%) Hourly workers at the kitchenware company's facility in Lancaster, Ohio, vote to accept revisions to their labor agreement, reducing EVRY's operating costs. Employees at a plant in Monaca, Pa., voted down a similar proposal.

(-) COCO, (-22.5%) Signs operating agreement with U.S. Department of Education, setting up an orderly transition plan for its 107 campuses and online programs, allowing students to complete their educational programs.

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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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