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Consumer Sector Update for 11/28/2018: GPIC,SKY,SMRT


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Consumer stocks were mostly higher Wednesday, with shares of consumer staples companies in the S&P 500 unchanged in Wednesday's pre-market while shares of consumer discretionary firms in the S&P 500 were climbing about 0.2%.

Among consumer stocks moving on news:

(+) Gaming Partners International ( GPIC ) was trading over 70% higher this morning after the casino equipment company late Tuesday agreed to a $110 million private-equity buyout offer from Angel Holdings Godo Kaisha. The $13.75-per-share cash bid - which includes a "go-shop" provision allowing the company to solicit competing offers through Feb. 2 - represents a 76.3% premium over Tuesday's closing price. Investors owning 51% of the company's outstanding stock already have committed to supporting the deal, Angel said.

In other sector news:

(-) Skyline ( SKY ) was down more than 3% in early trading Wednesday after the factory-built housing company disclosed plans for a secondary offering of 4.5 million shares now by funds affiliated with three institutional investors. Centerbridge Capital Partners and Sankaty Champion Holdings are each selling 1.75 million shares in the offering while MAK Champion Investment is selling 1 million shares. The selling shareholders also have provided underwriters with an overallotment option to buy up to 675,000 more shares.

(-) Stein Mart ( SMRT ) was retreating in Wednesday's pre-market session, sinking more than 8%, after the apparel chain reported a Q3 net loss of $0.36 per share, expanding on a $0.31 per share net loss during the same quarter last year, as net sales fell to $282.86 million from $288.91 million over the three months ended Nov. 3. A single analyst following Stein Mart had been expecting $285.39 million in Q3 sales.

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: GPIC , SKY , SMRT



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