Sector Update: Wide Gap Between Consumer Staple, Discretionary Stocks Near Close

Thursday, January 2, 2020 3:52 PM | MT Newswires

Top Consumer Stocks

WMT +0.02%

MCD +1.32%

DIS +2.36%

CVS -0.45%

KO -0.57%

Consumer stocks were ending broadly mixed, with the shares of consumer staples companies in the S&P 500 dropping just over 0.8% this afternoon while the shares of consumer discretionary firms in the S&P 500 were ahead nearly 0.8%.

Among consumer stocks moving on news:

(+) Madison Square Garden (MSG) was nearly 1% higher in late Thursday trading after the sports entertainment company said it has renewed its partnership with DraftKings, with the sports wagering company continuing as the exclusive fantasy sports and betting partner of pro basketball's New York Knicks and the New York Rangers in the NHL. DraftKings also will be the daily fantasy sports partner of Westchester Knicks in the NBA's development G League.

In other sector news:

(+) Eros International (EROS) climbed 2.5% after the Indian streaming video company said it has partnered with telecom provider Ooredoo Qatar to provide its Eros Now entertainment platform to Ooredoo subscribers.

(+) United Airlines (UAL) rose 1.4% on Thursday after an Evercore ISI upgrade of the air carrier to outperform from in-line along with a $20 increase in its price target for the company's stock to $125.

(+) Darling Ingredients (DAR) advanced fractionally, reversing a narrow loss that followed it saying it purchased the 50% equity interest it didn't already own in the EnviroFlight joint venture from Intrexon (XON) for an undisclosed amount. All 62 EnviroFlight employees are expected to continue with the Kentucky-based company, which can grow up to 900 tons of dried black soldier larvae each year to produce environmentally-friendly, high-value nutrients.

Price: 296.60, Change: +2.41, Percent Change: +0.82

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