Top Consumer Stocks
Consumer stocks were climbing Wednesday with shares of consumer
staples companies in the S&P 500 advancing 0.9% while shares of
consumer discretionary firms in the S&P 500 were up 1.2% this
In company news, CBS Outdoor Americas Inc. (
) climbed to a post-IPO high Wednesday afternoon after saying the
Internal Revenue Service has approved the billboard company's bid
to convert to a real estate investment trust.
CBSO completed an initial public offering of 19% of its shares
earlier this month. Majority owner and former corporate parent CBS
) plans to divest its remaining 81% stake through a tax-free
split-off later this year, setting the stage for CBSO to complete
its conversion into a REIT.
CBSO shares were ahead 5.9% at $30.74 each heading into
Wednesday's close, earlier topping out at $31.50 a share. CBS was
up 1.3% at $59.93 a share in recent trade.
In other sector news,
(+) SODA, Reportedly in talks to sell up to a 16% equity stake
to a U.S. soft-drink firm, with the buyer paying $52 a share - a
30% premium - while receiving options that eventually could give it
a majority interest, writes Calcalist, an Israeli business
(-) LEN, Homebuilder stocks decline after new-home construction
during March grew less than expected while building permits fell
last month, slipping 2.4% to an annual rate of 990,000 units.
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