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Consumer Sector Update for 06/27/2016: CAG,SKUL,MAN


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Consumer stocks were broadly lower today, with shares of consumer staples companies in the S&P 500 slipping just 0.4% this afternoon while shares of consumer discretionary firms in the S&P 500 were slumping over 2.1%.

In company news, ConAgra ( CAG ) was narrowly higher Monday, with shares of the food processor and distributor trading in relatively tight range either side of its break-even mark and reversing a deeper decline earlier today after saying its joint venture with a Dutch company has formed a new partnership targeting the Russian market.

The newly created partnership by Russia's Belaya Dacha and an existing joint venture between ConAgra's Lamb Weston unit and Netherlands-based Mejer Frozen Food will invest in a new french fry manufacturing facility in Lipetsk, a special economic zone situated 280 miles south of Moscow. Construction is planned to begin mid-2016, with production starting in early 2018.

CAG shares were up 0.2% shortly before today's closing bell at $47.05 climbing above $47.00 a share several times this afternoon after rebounding from a mid-morning drop to $46.39 a share.

In other sector news,

(+) SKUL, Receives unsolicited $6.05 per share bid from Mill Road Capital, exceeding a prior buyout offer from Incipio last week for $5.75 per share in cash, or about $177 mln - a 5.2% premium above the prior buyout offer.

(-) MAN, Credit Suisse downgrade to Neutral from Outperform while Avondale also reduces its investment rating for the stock to Market Perform from Market Outperform.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Business , Commodities
Referenced Symbols: CAG , MAN



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