Consumer stocks were moderately higher in late trade Tuesday
with shares of consumer staples companies in the S&P 500
climbing about 0.3%. Shares of consumer discretionary firms in the
S&P 500 were up about 0.4%.
In company news, AMC Entertainment (
) was holding on to moderate gains this afternoon, with shares of
the movie theater chain rising nearly 3% after B. Riley upgraded
the stock to Buy from Neutral.
The research shop also boosted its price target for the stock by
$2.50 to $28 a share, citing a strong start to the summer movie
AMC shares were ahead 2.8% at $23.20 each shortly before the
closing bell, earlier climbing to an intra-day high of $23.47 a
share. The stock has a 52-week range of$18.81 to $26.68 a share,
rising just under 19% since pricing its initial public offering of
stock at $19 a share on Dec. 18.
In other sector news,
(+) HSH, Pilgrims Pride (
) makes $6.4 bln cash offer for the packaged-food seller, which
would need to table its proposed buyout of Pinnacle Foods (
) in order to accept $45 a share offer.
(-) ZLC, A second proxy advisory firm, Egan-Jones Proxy
Services, recommends shareholders vote for proposed deal with
Signet Jewelers Ltd (
) at the company's special meeting on Thursday, May 29.
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