Sector Update: Consumer

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Consumer stocks are mostly higher with shares of consumer staples companies in the S&P 500 gaining less than 0.1%. Shares of consumer discretionary firms in the S&P 500 are ahead about 0.3%.

In company news, Cooper Tire & Rubber ( CTB ) has reversed course dramatically today, recently trading about 4.9% higher at $24.10 a share and touching $24.44 after earlier sliding to a 4% decline and a day low $22.08 after axing plans to merge with Apollo Tyres, saying financing for the deal is no longer feasible after a valuation disagreement with its Indian rival.

CTB board chairman and CEO Roy Armes said during a Monday webcast his company never received a new offer from Apollo that came with committed financing and that presented "unreasonable risk" for his company.

Other CTB executives are vowing to pursue a $112.5 million reverse termination fee and other possible damages from Apollo, adding they do not believe the company owes Apollo a $50 million termination fee that was part of the initial agreement.

In other sector news,

(+) DIS, (+2.6%, hit record highs) Guggenheim Securities upgrades shares of the media conglomerate to Buy from Neutral.

(-) CBRL, (-1.1%) Rejects efforts by Sardar Biglari to force the restaurant chain to begin a sales process, with the board stating the company's existing business strategy is best course of action.



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

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This article appears in: Investing , Commodities

Referenced Stocks: CTB

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