Top Losers in the Consumer Sector: September 11–15, 2017
Top losers last week
On September 15, Brown-Forman (BF-A) (BF-B) announced that it plans to invest $45 million in the Brown-Forman Cooperage in Louisville, Kentucky. The investment is expected to reduce operating costs by modernizing the Cooperage. The modernization in the heading and staving departments will result in a loss of 70 hourly positions after it’s implemented in early 2019. Brown-Forman shares fell 0.8% last week after the news.
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On September 14, CBS (CBS) participated in the Goldman Sachs 26th Annual Communacopia Conference. At the conference, CEO Les Moonves announced that the company plans to start its own sports streaming service. The service will focus more on news and scores. CBS’s shares fell 2.0% last week.
On September 6, Newell Brands (NWL) announced that it’s updating its 2017 earnings guidance due to Hurricane Harvey’s impact and inflationary pressure. As a result, Jefferies downgraded the stock to “hold” from “buy” and reduced the target price to $49 from $63. Newell’s stock fell ~2.0% last week.