Top Consumer Stocks
Consumer stocks were broadly lower Friday, with shares of consumer staples companies in the S&P 500 sinking over 0.8% while shares of consumer discretionary firms in the S&P 500 were slipping less than 0.1%.
Among consumer stocks moving on news:
- Mattel ( MAT ) has been grinding lower throughout Friday trading, recently sinking almost 2%, following reports the toy company rejected a merger offer from privately held MGA Entertainment. MGA Entertainment CEO Isaac Larian is said to have directly approached Mattel with his offer, which lacked details and financial terms but would keep Larian atop of the combined toy manufacturers, according to the Wall Street Journal, citing correspondence and people familiar with the matter.
In other sector news:
+ Park Hotels & Resorts ( PK ) was hanging on to a moderate gain, rising less than 1% after climbing to within 13 cents of its 52-week high of $30.84 a share, after saying it would pay a special $0.45 per share dividend using proceeds from the $350 million sale of the Hilton Berlin hotel in Germany. Park Hotels will receive a $140 million pro-rata share of the sale proceeds based on its stake in the property joint venture. The company also said it will distribute the special dividend on July 16 to shareholders of record on June 29 in addition to its regular quarterly dividend of $0.43 per share.
- Campbell Soup Company ( CPB ) tumbled Friday after cutting its FY18 earnings outlook in addition to saying CEO Denise Morrison was stepping down, effective immediately, and will be replaced on an interim basis by current board member and former Electrolux chief executive Keith Morrison. The canned foods company is now expecting to earn between $2.85 to $2.90 per share for the 12 months ending in late July, down from its previous forecast range of $3.10 to $3.17 per share and trailing the Capital IQ consensus by at least $0.22 per share. It also revised its FY18 sales outlook, now projecting a 10% to 11% rise over prior-year levels compared with its prior guidance looking for a change of up to 1% either side of unchanged from last year's $7.89 billion in sales. The Street has been modelling an 11.1% year-over-year sales increase for FY18 to $8.76 billion.