EmailThe consumer discretionary group is slightly underperforming the broader market in early trade. The retail group is mixed with the Retail HOLDRS Trust (RTH) 0.2% and the SPDR S&P Retail ETF (XRT) 0%. Select auto names are under pressure in early trade. A few names trading lower include: POAHY -3.6%, VLKAY -3.2%, HMC -2.9%, DDAIF -2.1%, F -2.1% (reports out related to job cuts in Europe), TM -2% and NSANY -1.3% (cutting production following China-Japan disputes, according to reports), GM -1.9%. Other notable mentions: BH flat (responds to FTC allegations: comments made by FTC mischaracterize Biglari Holding's investment intent), GET flat (announces organizational structure of newly created Ryman Hospitality Properties, Inc), KFT flat (KFT spinoff to replance ANR in the S&P 500)... Leaders: AM 17.6% (American Greetings confirms receipt of 'going private' proposal at $17.18 per share), BYI 1.9% (announces Illinois contracts totaling sales and lease of more than 4,000 video gaming terminals), PEP 0.7% (won a $363 mln dispute with the IRS over debt versus equity, according to reports), RSH 1% (James Gooch will step down from his positions as chief executive officer and director of the Company, effective immediately)... Laggards: HTZ -1.1% (Dollar Thrifty announced the expiration of the go-shop period for it previously announced merger agreement with Hertz Global Holdings).
Analyst related: Downgrades: PCAR -2.1% (downgraded to Neutral at Robert W. Baird), CCL 0% (downgraded to Hold from Buy at Jefferies), EA -2.9% (downgraded to Neutral from Buy at BofA/Merrill)... Misc: MTN 1.6% (tgt raised to $62 from $50 at Keefe Bruyette), LVS flat (tgt raised to $52 from $48 at Lazard Capital Markets ), RGC flat and CNK 0.3% (Hearing Regal Entertainment and Cinemark estimates cut at Lazard), MFRM -0.5% (Hearing mentioned positively at William Blair following ISPA data).
