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Last Update: 05-Apr-13 09:42 ET
S&P Consumer Discretionary Index -1.6%, modestly underperforming the weak broader market
The consumer discretionary group is slightly underperforming the broader market in early trade. The retail group is also in the red with the Retail HOLDRS Trust (RTH) -1.1% and the SPDR S&P Retail ETF (XRT) -1.5%.
Notable news items: DIS -1.6% (Walt Disney to begin job cuts in studio and consumer products units, according to reports, APP -1.7% (closes private offering of $206 mln principal amount of its 13% senior secured notes due 2020; enters into a new $35 mln five-year asset-backed revolving credit facility with Capital One Bank), CACH -2.4% ( announces commencement of rights offering) Analyst related: Downgrades: KMB -0.6% (downgraded to Underperform from Market Perform at BMO Capital), MAT -3% (downgraded to Hold from Buy at KeyBanc), NAUH -2.4% (downgraded to Market Perform from Outperform at Wells Fargo), TXRH -4.8% (Hearing downgraded to Hold from Buy at Deutsche Bank), JOSB -2.9% (Hearing downgraded to Market Underperform from Market Perform at Avondale)... Misc: TIF -1.8% (tgt raised to $85 at Oppenheimer), APOL -2.3% and COCO -3.1% (initiated with a Sell at Compass Point), ESI -2.1% (initiated with a Neutral at Compass Point), DV -0.7% (initiated with a Buy at Compass Point), SVU flat (resumed with a Neutral at Goldman), MCD -0.6% (initiated with an Overweight at boutique firm), SJM -1.1% (Hearing positive comments at Bernstein; sees potential profit 'perk' if coffee prices hold), BKW -1.4% and WEN -2.2% (initiated with an Equal Weight at boutique firm), NWL -0.5% (initiated with a Buy at Janney).
Notable news items: DIS -1.6% (Walt Disney to begin job cuts in studio and consumer products units, according to reports, APP -1.7% (closes private offering of $206 mln principal amount of its 13% senior secured notes due 2020; enters into a new $35 mln five-year asset-backed revolving credit facility with Capital One Bank), CACH -2.4% ( announces commencement of rights offering) Analyst related: Downgrades: KMB -0.6% (downgraded to Underperform from Market Perform at BMO Capital), MAT -3% (downgraded to Hold from Buy at KeyBanc), NAUH -2.4% (downgraded to Market Perform from Outperform at Wells Fargo), TXRH -4.8% (Hearing downgraded to Hold from Buy at Deutsche Bank), JOSB -2.9% (Hearing downgraded to Market Underperform from Market Perform at Avondale)... Misc: TIF -1.8% (tgt raised to $85 at Oppenheimer), APOL -2.3% and COCO -3.1% (initiated with a Sell at Compass Point), ESI -2.1% (initiated with a Neutral at Compass Point), DV -0.7% (initiated with a Buy at Compass Point), SVU flat (resumed with a Neutral at Goldman), MCD -0.6% (initiated with an Overweight at boutique firm), SJM -1.1% (Hearing positive comments at Bernstein; sees potential profit 'perk' if coffee prices hold), BKW -1.4% and WEN -2.2% (initiated with an Equal Weight at boutique firm), NWL -0.5% (initiated with a Buy at Janney).
