Consumer stocks were widely lower this afternoon with shares of
consumer staples companies in the S&P 500 closing down by less
than 0.1%. Shares of consumer discretionary firms in the S&P
500 were down around 0.9%.
In company news, shares of TRW Automotive Holdings Corp. (
) climbed to a new, record high Thursday after the auto-parts
supplier this afternoon confirmed receiving a buyout offer, with
German rival ZF Friedrichshafen later identifying itself as the
TRW did not name the bidder in its announcement, saying it was
also considering other strategic options intended to boost
shareholder value. The company said it has hired Goldman Sachs to
assist it with evaluating offers.
ZF said in its announcement said the firms were in preliminary
talks, cautioning a final transaction could fall apart and adding
it does not plan to make additional statements unless a deal was
TRW shares spiked this morning after Bloomberg News, citing
unnamed sources, reported the companies were in discussions.
Trading was halted for nearly an hour around mid-day, with the
stock racing to a new all-time high at $101.98 a share soon after
TRW's announcement and was ahead about 8.3% at $99.00 each in
In other sector news,
(+) ZUMZ, Boosts projected Q2 EPS to $0.19 to $0.21 per share,
topping analyst estimates by at least $0.01. Increases quarterly
sales outlook 3.5% over prior guidance to $174 mln to $176 mln,
topping consensus by at least $2.4 mln.
(-) PBPB, Shares plunge to record low after sandwich chain warns
Q2 revenue will trail analyst forecasts and it also lowers its FY14
earnings outlook below the consensus view.
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