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03:06 PM Eastern Standard Time, 11/30/2009 (MidnightTrader) — Dow Jones U.S. Consumer Services Index: -2.14 (-0.79%) at 268.44
Top Consumer Stocks
WMT: -0.37%
MCD: -0.52%
CVS: -0.64%
DIS: -1.19%
HD: -1.52%
Consumer shares are lower in mid-day trading. Standard Motor Products (SMP) is lower after selling most of its European auto parts distribution business to its management team for about $3 million in cash. SuperValu (SVU) is lower following a Morgan Stanley downgrade. Connecticut’s attorney general has sued CVS Caremark (CVS), sending shares lower after accusing the drugstore chain of selling food, beverages and over-the-counter medications past their expiration dates.
Standard Motor Products has sold most of its European auto parts distribution business to its management team for about $3 million in cash. Standard Motor said the sale will allow it to focus on its core business operations and reduce debt. In addition to paying 1.8 million pounds in cash, the buyers agreed to assume 1.9 million pounds ($3.1 million) in debt.
SuperValu was cut to Underweight from Equal Weight at Morgan Stanley.
Connecticut’s attorney general has sued CVS Caremark, accusing the drugstore chain of selling food, beverages and over-the-counter medications past their expiration dates. Attorney General Richard Blumenthal said on Monday that CVS sold expired items including antacids, baby formula, cough medicine, energy drinks and foods including eggs, milk and yogurt.
The lawsuit filed in state superior court in Hartford seeks fines of up to $5,000 per violation, a sum Blumenthal said may be “significant,” and a halt to the sale of outdated products. Earlier this month, CVS agreed to pay $875,000 to settle similar charges by New York Attorney General Andrew Cuomo, while Rite Aid (RAD) last December agreed to pay $1.3 million to settle with Cuomo. Blumenthal said 20 of 45 CVS stores visited by his office this summer were selling expired products.