Consumer shares were generally mixed in pre-market trade
In consumer sector news, Darden Restaurants (
) 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
DRI trades in a 52-week range of $44.78 to $55.25.
And, Hyatt Hotels Corporation (
) 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 (
) 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.
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