EmailThe consumer discretionary group is in-line with the broader market in early trade. The retail group is also in the red with the Retail HOLDRS Trust (RTH) -0.2% and the SPDR S&P Retail ETF (XRT) -0.2%.
Trading lower following earnings/guidance: LZB -7.4%, PG -3.6%, Near unchanged mark following earnings/guidance: PEP. Other notable mentions: TWC flat (commences public offering of sterling denominated notes with a 30-year maturity), SJM flat (Barron's discusses positive view J.M. Smucker), GET flat (confirms an explosion at Gaylord Opryland resort), TM flat (recalled over 90000 of its trucks due to pipe issues, according to reports), AMZN flat (Amazon.com developers can now submit apps for distribution this summer in the United Kingdom, Germany, France, Italy and Spain, with plans for further global expansion in the near future), Leaders: GNC 1.4% (announces $300 mln share repurchase program), NWSA 0.5% (News Corp has made an offer to acquire Australia's Consolidated Media Holdings for $2 bln, according to reports), RAD 0.8% (Rite Aid and assistant store managers and co-managers reach settlement in wage and hour class action lawsuits; to pay $20.9 mln), Laggards: SHO -1.7% (announced a public follow-on offering of 11 mln shares of common stock in an at-the-market underwritten public offering), PLCE -1.7% (announces departure of Chief Operating Officer; effective June 19, 2012)
Analyst related: Upgrades: CHH 9.9% (upgraded to Neutral from Underperform at Robert W. Baird, announces intention to offer $400 mln of senior notes due 2022), BEAM 0.4% (upgraded to Buy from Hold at Argus), ALV 0.9% (upgraded to Buy at boutique firm)... Downgrades: WAG -4.5% (downgraded to Neutral from Outperform at Macquarie, downgraded to Hold at Argus ), SO -0.9% (downgraded to Neutral from Buy at BofA/Merrill)... Misc: WFM -0.2% (initiated with a Buy at Cantor Fitzgerald), EXPR 0.8% (initiated with a Buy at SunTrust), LINTA 2.3% (added to Top Picks Live list at Citigroup), LRN -2.8% (initiated with an Outperform at Wells Fargo), BPI 0.9% (initiated with an Outperform at Wells Fargo), LOPE -0.1% (initiated with an Outperform at Wells Fargo, initiated with a Buy at Suntrust ), APOL 0.8% (initiated with an Outperform at Wells Fargo), NAUH -0.8% (initiated with an Outperform at Wells Fargo), EDU -1.3% (initiated with an Outperform at Wells Fargo), APEI 1%, LINC -1%, EDMC -3.4%, STRA 1.1%, ESI -0.1% (initiated with Market Performs at Wells Fargo), DV 2.6% (initiated with an Outperform at Wells Fargo), JCP 1.1% (estimates lowered at Credit Suisse), NFLX -2.5% (Hearing cautious mention at ITG).
