Top Consumer Stocks
Consumer stocks led the U.S. markets higher Monday, with shares of consumer staples companies in the S&P 500 posting a more than 0.9% advance this afternoon while shares of consumer discretionary firms in the S&P 500 were up about 0.5% in late trade.
Among consumer stocks moving on news:
+ Tesla ( TSLA ) was cruising near its session high in late Monday trading, rising almost 5%, following weekend comments by CEO Elon Musk the electric-car manufacturer will begin rolling out a public version of its Tesla Version 9 autonomous driving software in August. The company has emphasized safety in prior versions of the software but with "V9 we will begin to enable full self-driving features," Musk said in a Twitter message Sunday. It was not entirely clear whether Tesla vehicles will be fully autonomous with the new software, although industry experts said it was very likely the program will be able to tackle a significant share of a car's driving activities.
In other sector news:
+ Rent-A-Center ( RCII ) raced to a more than 8% gain on Monday after the specialty retailer said it has completed its strategic review and has decided to remain a stand-alone entity. The company said it received a buyout offer from an unnamed suitor during the now-concluded review but said correspondence accompanying the offer did "not constitute an offer capable of being accepted or a binding agreement of any kind."
+ Newell Brands ( NWL ) was nearly 3% higher Monday afternoon, easing from a 4% advance earlier in the session that followed the kitchen- and house-wares retailer expanding its stock buyback authorization by another $2.5 billion. The new $3.6 billion authorization runs through the end of 2019.
+ Cinedigm Corp ( CIDM ) was moderately higher Monday afternoon, hanging on to a more than 1% advance, that followed the movie distributor being tapped to join the Russell Microcap index, effective with the start of trading on June 25. FTSE Russell reconstitutes the microcap index once a year, determining membership based on objective and market-capitalization rankings along with other attributes.