Consumer Stocks Mostly Higher; Television Broadcasters Surge Following Media General-Lin Media Tie-Up


Top Consumer Stocks

WMT +2.03%

MCD +0.42%

DIS +0.07%

CVS +0.95%

KO +0.47%

Consumer stocks were broadly higher with shares of consumer staples companies in the S&P 500 climbing about 0.9%. Shares of consumer discretionary firms in the S&P 500 were up 0.3%.

In company news, shares of television broadcaster and newspaper publisher Gannett Co. Inc. ( GCI ) rose over 3% Friday, putting in one of the best performances among consumer stocks in S&P 500 after Media General ( MEG ) paid $1.6 billion for rival broadcaster Lin Media ( LIN ).

LIN currently owns 43 television stations around the country, with the combined companies operating 74 TV stations in 46 markets. LIN Chief Executive Vincent Sadusky will keep his position with the expanded Media General.

The deal calls on MEG to pay $763 million in cash and issue another 49.5 million shares of its stock valued at $27.82 a piece - a 28% premium to LIN's closing price yesterday.

Other TV operators rose after the deal was announced. GCI, which operates 43 stations following its 2013 acquisition of Belo Corp., was up 3.2% at $29.42 a share, just 17 cents off its intra-day high.

Also advancing today are Sinclair Broadcast Group ( SBGI ), up 5%, and Gray Television ( GTN ), up 3.6%. LIN was up about 22% in recent trade while MEG was ahead 4%.

In other sector news,

(+) ANN, (+14.7%) Golden Gate Capital discloses 9.5% stake in Schedule 13D filing. ANN says it "welcome(s) new investors and appreciates all of shareholders' interest in the company as we pursue our goal of continuing to increase shareholder value."

(-) DLIA, (-7.1%) Q4 revenue declines 34.3% year over year to $35.3 million. Narrows net loss by $0.09 compared to year-ago levels to $0.26 per share. No analyst estimates were available for comparison.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: GCI , MEG , LIN , SBGI , GTN

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