S&P Consumer Discretionary Index trading lowr and modestly underperforming the 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) -0.2% and the SPDR S&P Retail ETF (XRT) -0.5%.

Notable mentions: Leaders: ARO 0.7% (Bloomberg discusses that ARO may be a possible takeover target based on valuation), STZ 2.2% (Constellation Brands issues statement regarding discussions with DOJ: 'made substantial progress' )... Laggards: JNY -1% (appoints Greg Clark Chief Marketing Officer), SWY -1.1% (Safeway's Blackhawk Network Holdings, Inc. announces filing of registration statement for IPO)... Analyst related: Upgrades: BBY 0.8% (upgraded to Overweight from Neutral at JP Morgn), ODP 2.5% (upgraded to Buy from Hold at KeyBanc; Starboard nominates six highly qualified candidates to the Board Of Office depot ), OMX 2.2% (upgraded to Buy from Hold at KeyBanc), HTHT 2.5% (upgraded to Buy from Hold at Deutsche Bank)... Downgrades: SJM -1% and KMB -1% (downgraded to Sell from Neutral at Goldman), CCL -1.6% (downgraded to Neutral from Outperform at Exane BNP Paribas)... Misc: JCP 6% (hearing analyst suggesting potential REIT conversion for select locations), SBUX -0.9% ( tgt to to $74 from $69 at Lazard), PENN -0.7% (Hearing cautious ITG mention), EXPE -1.4% (Hearing cautious comments at Lazard; sees deceleration in US), NKE -0.8% (tgt to $68 from $60 at BofA/Merrill)

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