Top Consumer Shares:
Consumer shares are generally lower in pre-bell trading as
several major retailers, including Macy's (
) and Nordstrom (
), are set to release earnings this week. Today, Lowe's (
) shares were upgraded to Hold from Sell at Canaccord Genuity this
morning. The firm raised its price target to $48 from $28. Lowes is
down 0.24% in pre-market.
Pinnacle Foods (
) today announced that it has entered into a definitive agreement
to acquire the Wish-Bone salad dressings business from Unilever
PLC, in a transaction that is expected to be immediately accretive
to Pinnacle. The acquisition, which is subject to customary closing
conditions, is expected to be completed in late Q3 or early Q4
The purchase price of the transaction is $580 million, which
will be funded with cash on hand and new debt. Given that the
acquisition will be structured as an asset purchase, Pinnacle
expects to realize approximately $125 million in tax benefits on a
net present value basis. PF is flat at $25.46 in pre-market.
Telsa Motors (
) shares are down about than 3% pre-market after an article in
Barron's said the stock is likely headed for significant volatility
after its price has risen dramatically this year.
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