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Consumer Sector Update for 09/14/2018: PLAY, ESND, PGTI, GPC


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Top Consumer Stocks

WMT -0.68%

MCD -1.21%

DIS -1.33%

CVS +0.03%

KO +0.09%

Consumer stocks were falling Friday afternoon, with shares of consumer staples companies in the S&P 500 sinking 0.4% while shares of consumer discretionary firms in the S&P 500 were posting a 0.5% decline.

Among consumer stocks moving on news:

(+) Dave & Buster's Entertainment ( PLAY ) jumped to a 14-month high on Friday after the restaurant chain reported above-consensus Q2 financial results, raised its FY18 sales forecast, increase its stock-buyback authorization by $100 million and started a quarterly dividend of $0.15 a share.

In other sector news:

(+) Essendant ( ESND ) climbed 1.5% after the workplace materials company agreed to a $996 million buyout offer from an affiliate of Staples, which will plans to pay $12.80 a share in cash for Essendant. The Staples offer represents a 51% premium over Essendant's share price on April 11, the day before it agreed to be acquired by Genuine Parts' ( GPC ) SP Richards business unit. Under the deal agreement, Essendant will pay a $12 million break-up fee after accepting Staple's offer.

(-) PGT Innovations ( PGTI ) fell 7.8% after the windows manufacturer priced a $161 million public offering of 7 million shares at $23 each, a 4.2% discount to Thursday's closing price. Underwriters received a 30-day option to buy up to 1.05 million additional shares, the company said, adding it will use proceeds from the sale to repay debt and for general working capital.

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: PLAY , ESND , GPC , PGTI



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