Sector Update: Consumer

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Consumer stocks were broadly mixed in late-day trading with shares of consumer staples companies in the S&P 500 climbing just over 1.3% today while shares of consumer discretionary firms in the S&P 500 were down less than 0.1%.

In company news, Mattress Firm ( MFRM ) was little changed just ahead of Monday's close after earlier today announcing a deal to acquire the parent company of the Mattress King and BedMart stores for around $35 million in cash.

The deal for substantially all of the retail assets and operations of Mattress Liquidators - which operates Mattress King retail stores in Colorado and BedMart retail stores in Arizona - adds around 75 company-owned locations to MFRM. The acquisition is expected to close by the end of June and will be funded by cash reserves and revolver borrowings, as well as a $3.5 million seller note that is payable in quarterly installments over two years.

MFRM shares recently traded at $44.95 each, up 1 cent, bouncing back from a mid-day slump that pulled the stock as low as $43.25 a share. MFRM shares have a 52-week range of $29.29 to $49.81 each, adding nearly 20% in value over the past year.

In other sector news,

(+) CHTR, Agrees to purchase cable systems with a combined 3.9 million customers from Comcast Corp ( CMCSA ) and Time Warner Cable ( TWC ) as part of the latter firms' efforts to meet anti-trust muster with their proposed $45.2 bln merger.

(-) PHG, Sells its audio and home entertainment business to Gibson Brands for around $135 mln. The deal also includes Gibson paying a brand-license fee with an initial term of seven years.

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

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This article appears in: Investing , Commodities
Referenced Symbols: MFRM , CMCSA , TWC

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