Sector Update: Consumer


Consumer stocks are moderately lower, with shares of consumer staples companies in the S&P 500 retreating about 0.1%. Shares of consumer discretionary firms in the S&P 500 are down about 0.4%.

In company news, Valassis Communications Inc. ( VCI ) is up more than 22% at $34.54 a share, just 7 cents off its new 52-week high after accepting a $1.84-billion buyout proposal from Harland Clarke Holdings Corp.

Under the terms of the agreement, the wholly owned subsidiary of billionaire Ron Perelman's investment firm MacAndrews & Forbes Holdings Inc. will acquire all outstanding VCI shares for $34.04 each.

Harland said it plans to finance the deal for VCI - which which owns and makes related coupon inserts - with available cash and new borrowings, receiving commitments from Credit Suisse, Bank of America Merrill Lynch and Citigroup Global Markets to complete the buyout.

The deal is expected to help diversify VCI's business and expand its client base.

In other sector news,

(-) NLSN, (-0.4%) Gives back initial gains that followed Pivotal Research Group's raising 2014 price target price by $7 to $48 a share, citing improved expectations following the information and measurement services company's Investor Day last week. Pivotal maintained its Hold rating for the stock.

(-) F, (-7.5%) Sees 2014 pre-tax profit, ex items, of $7 billion to $8 billion - trailing the automaker's expected 2013 pre-tax profit of around $8.5 billion.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: VCI

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