Top Consumer Stocks
Consumer stocks were mostly lower during late Friday trading, with shares of consumer staples companies in the S&P 500 falling about 0.4% while shares of consumer discretionary firms in the S&P 500 were declining about about 0.2%.
In company news, Caesars Entertainment ( CZR ) slumped Friday after a creditor reportedly stepped in to block the casino company’s reorganization plans.
Caesars has until midnight tonight to secure bondholder approval for its $1.2 billion reorganization efforts. If that deal unravels, it likely opens the company to a slew of litigation and potentially dragging its two non-bankrupt subsidiaries into bankruptcy court, according to the New York Post, citing sources.
CZR shares were down 2.5% at $9.53 each this afternoon, earlier dropping to a session low of $9.01 a share.
In other sector news,
(+) YELP, Converts its Class A and Class B common stock into a single class.
(-) FINL, Q2 EPS of $0.53 match analyst estimates while revenue climbs 5.4% to $509.4 mln, topping the $494.76 mln consensus.
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