Consumer Stocks Still Rising Near Closing Bell; CBS Outdoor Climbing After Favorable IRS Ruling


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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 afternoon.

In company news, CBS Outdoor Americas Inc. ( CBSO ) 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 ( 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 daily.

(-) 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.

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

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This article appears in: Investing , Commodities
More Headlines for: CBS , CBSO

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