Top Consumer Stocks
Consumer stocks were finishing on positive ground this afternoon, with shares of consumer staples companies in the S&P 500 holding on to a 0.2% increase while shares of consumer discretionary firms in the S&P 500 have jumped out to a 1.4% gain this afternoon.
In company news, Federal-Mogul Holdings ( FDML ) was hanging on to a small gain in late Wednesday trading after activist investor Carl Icahn raised his bid for the auto-parts supplier, now doubling the company's closing stock price since last February when he first stepped forward with an offer.
Calling it his "best and final offer," Icahn's new bid of $10 per share was an 8.1% increase over his prior $9.25 offer for the 18% of Federal-Mogul he doesn't already own and marks a 101% premium over the stock closing price on Feb. 26, 2016, the last trading day before Icahn went public with a $7-per-share offer for the company.
The new offer expires Jan. 17, Icahn said. A Federal-Mogul special committee determined "if such increase in offer price was to occur, it would not be necessary for the special committee to take further action with respect to the increase in offer price," according to a new company regulatory filing.
FDML shares were up about 0.1% at $10.14 each, previously topping out today at $10.25 a share.
In other sector news,
(+) SHAK, Selected to join the S&P SmallCap 600 index, effective after the close of Wednesday trading and replacing Chemours Co ( CC ), which was taking the place of IDEXX Labs ( IDXX ) in the S&P MidCap 400.
(-) EAT, Telsey Advisory Group lowers price target by $8 to $52 a share.
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