Sector Update: Consumer Shares Higher Pre-Market; Pilgrim's Pride up 5% on Plans to Acquire Hillshire Brands

By Staff,

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Top Consumer Shares:

WMT: flat

MCD: +0.09%

DIS: +0.29%

CVS: flat

KO: +0.17%

GE: +0.23%

Consumer shares were generally higher in pre-market trade Tuesday.

In consumer sector news, Pilgrim's Pride ( PPC ) shares were up 4.6% in pre-market after an earlier halt on a proposal to acquire The Hillshire Brands Company ( HSH ) for $45.00 per share in cash, in a transaction valued at $6.4 billion.

And, AutoZone ( AZO ), retailer of automotive replacement parts, Tuesday reported net earnings of $285.2 million, or $8.46 per diluted share, for Q3 ended May 10, 2014 versus net earnings of $265.6 million, or $7.27 per diluted share, a year earlier. The average analyst estimate was for diluted EPS of $8.44, according to Capital IQ.

AZO nudged up before opening bell. It closed at $540.90 Friday.

Finally, AMC Networks ( AMCX ) shares could benefit from a Barron's article that pointed out the company could make an ideal takeover target.

AMC Networks, which produces the Walking Dead, earns double-digit earnings growth and has a good amount of free cash, Barron's reported. AMCX trades in a 52-week range of $53.99 to $78.39.

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

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

This article appears in: Investing Commodities
Referenced Stocks: PPC , HSH , AZO , AMCX

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