Sector Update: Consumer

By Staff,

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Consumer shares were flat to higher in pre-market trade Monday.

In consumer stocks news, packaged-food company ConAgra Foods ( CAG ) said it acquired TaiMei Potato Industry, a potato processor in Shangdu, Inner Mongolia, for $93 million.

The company said the acquisition expands its Lamb Weston operations in a market that has growing demand for frozen potato products, noting Lamb Weston makes a variety of frozen potato, sweet potato and other vegetable products for restaurants, retailers and foodservice operators in more than 100 countries around the world.

And, Manchester United ( MANU ) said it has reached a 10-year agreement with sports apparel maker Adidas for global technical sponsorship and dual branded licensing deal for a minimum guarantee of GBP750 million ($1.3 billion), starting with the 2015/2016 campaign.

The English football club said that for the 2014/2015 season Nike ( NKE ) will continue in its role of technical sponsor and trademark licensee.

MANU closed at $17.78 on Friday, in the upper half of the 52-week range between $14.26 and $19.00. NKE closed near the higher end of the 52-week range between $62.03 and $80.26. Both stocks were inactive in recent pre-market trade.

Finally, United Technologies ( UTX ) subsidiary UTC Aerospace Systems has received a 14-year contract to perform maintenance, repair and overhaul services for SkyWest's ( SKYW ) fleet of ERJ175 planes. Financial terms of the contract weren't disclosed.

UTX was up 0.5% before opening bell on Monday.

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: CAG , MANU , NKE , UTX , SKYW

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