EmailThe consumer discretionary group is slightly outperforming the broader market in early trade. The retail group is also in the green with the Retail HOLDRS Trust (RTH) 0.2% and the SPDR S&P Retail ETF (XRT) 0.2%.
Trading higher following earnings/guidance: MTN +10.1%, CCL +3.4%... Trading lower following earnings/guidance: PZZI -3.1%. Other notable mentions: WTSLA flat (issues open letter to shareholders and files revocation statement; urges shareholders to reject Clinton Group's efforts to replace experienced Board members)... Leaders: LXK 0.9% (to replace RSH on the MidCap 400), NYT 2.1% (disclosed it will sell all of its remaining interest in Indeed.com ), DEO 2.1% (in discussions to purchase United Spirits, according to reports), RCL 3.9% (announces that Brian Rice has been promoted to Vice Chairman and CFO), BKS 4.6% (confirmed new NOOK Video offering will premiere this fall), BPI 0.4% (Ashford University will implement a group of initiative), CWTR 2.6% (approved a 1-for-4 reverse stock split of its common stock)... Laggards: RSH -9% (LXK to replace RSH on the MidCap 400), SPLS -6.1% (Staples announces strategic plan to accelerate growth; co expects to see Q3 pre-tax charges of $845-920 mln and Q4 charges of $160-200 mln), KORS -0.9% (prices secondary offering of 23 mln ordinary shares by certain selling shareholders at a price of $53.00 per share), DV -0.9% (PNR to replace DV in the S&P 500), MEG -0.4% (Berkshire Hatahaway discloses 17.0% stake in amended 13D filing; unchanged from 6/4 filing).
Analyst related: Upgrades: BWLD 4.7% (Buffalo Wild Wings upgraded to Outperform from Sector Perform at RBC Capital), TWC 0.5% and DTV 1.8% (upgraded at Hudson Square Research)... Downgrades: CSTR -1.3% (downgraded to Market Perform from Outperform at Northland Securities), TOL -0.5%, LEN -0.7% and DHI -0.1% (downgraded at Barclays), MAR -0.2% (downgraded to Market Perform from Outperform at Keefe Bruyette), HMC -0.5% (downgraded to Hold from Buy at Deutsche Bank)... Misc: P -2.7% (Pandora initiated with a Reduce at Nomura), WAG 1.6% (resumed with a Buy at Goldman; added to Conviction Buy List), DECK -3.4% (tgt lowered to $32 from $38 at Sterne Agee).
