Consumer stocks were adding to earlier gains Monday with shares
of consumer staples companies in the S&P 500 climbing 1.5% in
late Monday trading. Shares of consumer discretionary firms in the
S&P 500 were ahead 1.0%.
In company news, Vipshop Holdings Ltd (
) was up more than 7% in late trade Monday after the online
retailer was upgraded to Buy from Neutral at Goldman Sachs, citing
compelling growth prospects and an attractive valuation.
In a new research note, analyst Weibo Hu forecast a 50% increase
in Chinese market share over the next two years to 1.5% by 2016,
with annual sales rising as high as $6 billion. Hu also sees
significant margin growth for the firm.
VIPS American depository shares were ahead 7.3% at $148.00 each
after earlier reaching $151.33 during today's session. The stock
has a 52-week range of $23.26 to $182.00 per ADS.
In other sector news,
(+) BIG, Raised to Buy from Hold with a $45 price target at
KeyBanc, which said the discount retailer was beginning to gain
traction with its turnaround initiatives.
(-) SWY, Ends "go-shop" period, saying none of the other parties
that previously expressed an interest now want to pursue a deal.
Grocery chain will now move forward with the $7.64 bln buyout offer
led by Cerberus Capital.
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