CORRECTION: Consumer Shares Declining Today; Mattress Firm Falls After $80 Mln Buyout of Sleep Experts Partners
(In the fourth paragraph of this story that ran at 1:02 p.m. ET Tuesday, as well as a similar item that ran at 1:01 p.m. ET Tuesday, the number of stores Sleep Experts operates was incorrect. The correct information is below.)
Top Consumer Stocks
Consumer stocks were lower Monday with shares of consumer staples companies in the S&P 500 slipping about 0.1%. Shares of consumer discretionary firms in the S&P 500 were down about 0.6%.
In company news, Mattress Firm ( MFRM ) shares fell Monday, giving back an earlier advance to a new 52-week high after the mattress and bedding retailer announced an $80.5 million cash purchase of the outstanding equity of Sleep Experts Partners.
The deal, slated to close later this month, is expected to add $0.03 to $0.05 per share to MFRM earnings during the 12 months ending Feb. 1, 2015. The company plans to provide additional details on the acquisitions, along with updated guidance, on Thursday, March 13, when it reports financial results for the quarter and fiscal year ended Jan. 28.
Sleep Experts currently operates 55 locations in Texas. Separately last week, MFRM completed its acquisition of Yotes stores in Colorado and Kansas as well as the retail operations of Southern Max in Virginia.
MFRM shares are down 1.7% at $44.24 each, earlier climbing to a new 52-week high of $48.54 a share, up almost 8%.
In other sector news,
(+) CQB, (+14.2%) Agrees to $526 mln stock swap with Fyffes plc, with CQB shareholders owning 50.7% of the merged companies.
(-) MCD, (-0.3%) Same-store sales decline 0.3% during February compared with a 1.2% advance the prior month. U.S. comparable-store sales slipped 1.4% last month while Asia/Pacific, Middle East and Africa same-store sales were off 2.6%.