Sector Update: Consumer Shares Higher Pre-Market; AutoNation Sales Increase 6% Year Over Year


Top Consumer Shares:

WMT: flat

MCD: +0.22%

DIS: +0.37%

CVS: flat

KO: +0.10%

GE: +0.36%

Consumer shares were higher in pre-bell trading today.

In consumer sector news, Tower Group International ( TWGP ) was up 2% after it said it will be bought by ACP Re, Ltd. for $3 per share in cash, or approximately $172.1 million.

There are certain termination rights for both TGWP and ACP Re, and further provisions that upon termination of the Merger Agreement under certain circumstances, TWGP will be obligated to reimburse ACP Re for certain of its transaction expenses, subject to a cap of $2 million, and to pay ACP Re a termination fee of $8.18 million, net of any transaction expenses it has reimbursed.

And, AutoNation ( AN ) says total retail new vehicle unit sales in December 2013, as reported to the applicable automotive manufacturers, were 29,596, an increase of 6% as compared to a year earlier.

Same-store retail new vehicle unit sales in December 2013 were 28,271, an increase of 1% as compared to a year ago.

Also, integrated communication company RR Donnelley & Sons Co ( RRD ) has signed a definitive agreement to acquire substantially all of the North American operations of Esselte, a privately-owned developer and manufacturer of nationally branded and private label office and stationery products.

The purchase price includes a combination of cash and up to 1 million shares of RR Donnelley common stock, resulting in a total transaction value of $96.5 million.

Finally, Zep ( ZEP ) says Q1 sales were $164.9 million, above the Thomson Reuters mean for $160.27 million. Adjusted EPS were $0.17, topping estimates by $0.02.

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: AN , RRD , TWGP , ZEP

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