Top Consumer Stocks
Consumer stocks were off their session lows but still finishing with moderate declines Thursday, with shares of consumer staples companies in the S&P 500 falling about 0.2% while shares of consumer discretionary firms in the S&P 500 slipping almost 0.5% decline.
In company news, shares of Tribune Media Company ( TRCO ) and Sinclair Broadcasting ( SBGI ) rose Thursday after a federal appeals court today reinstated a Federal Communications Commission rule limiting the impact of UHF properties in calculating limits on station owners, clearing the way for the proposed merger of the two broadcasting companies to move forward.
The U.S. Court of Appeals for the District of Columbia Circuit rejected a request for an emergency stay while the underlying case was reviewed and dissolved a June 1 administrative stay of the FCC decision considering UHF channels as reaching only half of the potential audience used to determine the panel’s 39% nationwide ownership cap.
In other sector news,
(+) LTEA, Begins $1.3 mln public offering of 256,848 common shares priced at $5.06 each, a 9.6% discount to yesterday’s closing price.
(-) KR, Lowers adjusted FY18 outlook, now expecting EPS of $2.00 to $2.05 compared with prior view looking for $2.21 to 2.25 per share and trailing consensus by at least $0.14 per share. Reduced guidance upstages above-consensus $36.3 mln in Q1 revenue, topping view Street by $590,000.
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