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Sector Update: Consumer
By: MT Newswires
Consumer stocks are mixed, with shares of consumer staple companies in the S&P 500 sliding 0.3 %. Shares of consumer discretionary stocks in the S&P are up less than 0.1%.
In company news, Exceed Co. Ltd. ( EDS ) is up more than 4% at $1.55 a share, trading in a narrow range most of the day after saying it has received a preliminary, non-binding proposal from a consortium that includes board chairman and CEO Shuipan Lin and several investor groups. The offer is for $1.72 a share in cash to acquire and take the apparel and footwear company private.
The offer represents a 15% premium over EDS' closing price on Friday. The consortion - which also includes Tiancheng International Investment Group Ltd, HK Haima Group Ltd, Wisetech Holdings Ltd, Windtech Holdings Ltd and RichWise International Investment Group Ltd - now own a combined 66.5% of EDS' common stock.
The EDS board of directors has formed a special committee to study the proposal.
In other sector news,
(-) HAST, (-3.2%) Multimedia-entertainment retailer reports Q2 net loss of $0.50 per share, well off the Thomson Reuters consensus looking a $0.30 loss. Net sales decline 6.1% year over year to $95.8 mln, missing forecasts by 1.92 mln.