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MSM

Sector Update: Shares Fairly Flat Pre-Market; MSC Industrial Sinks on Fiscal Q3 Results

Top Consumer Shares:

WMT: +0.20%

MCD: -0.04%

DIS: flat

CVS: flat

KO: flat

GE: +0.49%

Consumer shares were generally flat in pre-market trading Wednesday.

Shares of MSC Industrial Direct ( MSM ), a distributor of metalworking and maintenance, repair and operations supplies, were down 3.6% after it reported fiscal Q3 earnings that came in line with expectations, although revenue and guidance for the final quarter of the year fell short of forecasts. For the 13 weeks ended May 31, 2014, the company posted net income of $64.7 million, or $1.03 per share, up from $62.4 million, or $0.98 per share, for the 13 weeks ended June 1, 2013.

Emmis Communications ( EMMS ) Wednesday reported weaker net earnings for its fiscal Q1 ended May 31, hurt by increased operating and corporate expenses. The media company said net earnings attributable to common shareholders were $956,000, or $0.02 per diluted share, down sharply from the prior-year period's $3.7 million, or $0.08 or diluted share. Net revenue totaled $59.7 million, versus $50.6 million in the same period last year. Analyst estimates weren't available for comparison.

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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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