Sector Update: Consumer Shares Mixed Pre-Market; Darden Finds Buyer for Red Lobster


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Top Consumer Shares:

WMT: +0.22%

MCD: +0.07%

DIS: +0.01%

CVS: flat

KO: flat

GE: +0.53%

Consumer shares were generally mixed in pre-market trade Friday.

In consumer sector news, Darden Restaurants ( DRI ) said it has entered into a definitive agreement to sell its Red Lobster business and certain other related assets and assumed liabilities to Golden Gate Capital for $2.1 billion in cash.

Darden expects to receive net cash proceeds, after tax and transaction costs, of approximately$1.6 billion, of which approximately $1.0 billion will be used to retire outstanding debt.

DRI trades in a 52-week range of $44.78 to $55.25.

And, Hyatt Hotels Corporation ( H ) authorized the repurchase of up to an additional $300 million of the Company's common stock. The company has approximately $385 million remaining under its repurchase authorization.

Finally, SORL Auto Parts ( SORL ) says Q1 sales were $50 million, up 21.1% from a year ago. Net income was $0.14 per share, up from $0.06 last year.

For the year, it sees sales of approximately $225.0 million and net income of approximately $12.5 million.

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
More Headlines for: DRI , H , SORL

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